Financial statements of a nonpublic entity that have been reviewed by an accountant should be accompanied by a report stating that a review
- Provides only limited assurance that the financial statements are fairly presented.
- Includes examining, on a test basis, information that is the representation of management.
- Consists principally of inquiries of company personnel and analytical procedures applied to financial data.
- Does not contemplate obtaining corroborating evidential matter or applying certain other procedures ordinarily performed during an audit.