An accountant’s standard report on a review of the financial statements of a nonpublic entity should state that the accountant
- Does not express an opinion or any form of limited assurance on the financial statements.
- Is not aware of any material modifications that should be made to the financial statements for them to conform with GAAP.
- Obtained reasonable assurance about whether the financial statements are free of material misstatement.
- Examined evidence, on a test basis, supporting the amounts and disclosures in the financial statements.