A deep-dive review of account balances involves investigating accounts with balances that do not make sense. This analysis can also review accounts that are prone to fraud. The investigators will examine individual transactions and entries in the accounts to explain why the balance of the account is not within a reasonable range.

ABC company has decided for the first year to perform a deep dive analysis. They have selected Revenue/Sales as the first account to review. In the deep analysis, they saw that 60% of the revenue occurs at the last week of the month. The revenue had 15% of the client accounts had 70% of the revenue for the month.

What might be your thoughts on this initial review?

Answer rating: 100% (QA)

A financial statement review is a service under which the accountant obtains limited assurance that there are no material modifications that need to be made to an entitys financial statements for them ... View the full answer