Loman, CPA, who has examined the financial statements of the Broadwall Corporation, a publicly held company, for

Question:

Loman, CPA, who has examined the financial statements of the Broadwall Corporation, a publicly held company, for the year ended December 31, \(19 X 0\) was asked to perform a limited review of the financial statements of Broadwall Corporation for the period ending March 31, 19X0. The engagement letter stated that a limited review does not provide a basis for the expression of an opinion.

Required:

a. Explain why Loman's limited review will not provide a basis for the expression of an opinion.

b. What are the review procedures which Loman should perform, and what is the purpose of each procedure? Structure your response as follows: image text in transcribed