John Wilguess, CPA, has been engaged to review the financial statements of Lucky Oil Company, a nonpublic company, for the year ended June 30, 19X4. The previous year's financial statements of Lucky Oil Company were compiled by another CPA. Wilguess has no experience with this company or the oil industry.

a. Discuss the knowledge Wilguess should acquire to perform a review of Lucky Oil Company. What sources could Wilguess consult to obtain this knowledge?

b. Describe the procedures Wilguess would perform in a review of the financial statements of Lucky Oil Company. Be specific as to procedures for Lucky Oil Company, not just procedures in general.

c. The owner of Lucky Oil Company has requested that the financial statements of both the current and prior year be presented. Assuming that Wilguess is satisfied with the current year and that the predecessor's compilation report dated July 30, 19X3, is not presented, draft the report that Wilguess may issue.