Question

A PA states in the report on a review services engagement the following: Based on my review, I am not aware of any material modifications that should be made to the accompanying financial statements in order for them to be in conformity with GAAP.

Required:
a. Is this paragraph a “negative assurance” given by the PA?
b. Why is negative assurance generally prohibited in audit reports?
c. What justification is there for permitting negative assurance in a review services report on unaudited financial statements and on interim financial information?



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  • CreatedJanuary 09, 2015
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