ACCA AAA ^INT Syllabus F. Other Assignments - Professional Accountant’s Report - Notes ^{1 / 3}

Review engagements

Remember that the auditor's objective here to see if anything has come to the her attention causing her to believe that the financial statements are not prepared, in all material respects, in accordance with an applicable financial reporting framework.

There are some important differences between a review report and an auditor's report:

A review report has
Negative form of words

'Based on our review. nothing has come to our attention that causes us to believe that the financial statements do not present fairly, in all material respects' in accordance with the applicable financial reporting framework.‘

The term 'negative assurance' does not exist. The correct term is “limited assurance', which is logical: this is still positive assurance, but there is just less of it than when ‘reasonable assurance' (audit) is provided.

Just like the auditor's report. a modified conclusion paragraph must be preceded by a 'Basis for' modified conclusion paragraph.