Financial statements of a nonpublic entity that have been reviewed by an accountant should be accompanied by a report stating that
- The scope of the inquiry and analytical procedures performed by the accountant has not been restricted.
- All information included in the financial statements is the representation of the management of the entity.
- A review includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
- A review is greater in scope than a compilation, the objective of which is to present financial statements that are free of material misstatements.