Compare audits, reviews, and compilations in terms of:
a. The types of procedures performed. Consider the following types of procedures in your response:
• Assessing control risk.
• Performing substantive tests of transactions and balances.
• Performing analytical procedures.
• Making inquiries of client personnel to verify or corroborate information supplied by the client.
• Obtaining knowledge of the client's organization, assets, liabilities, revenues, expenses, operations, locations, and transactions with related parties.
• Obtaining knowledge of the accounting principles and practices of the industry.
• Obtaining knowledge of the client's transactions, form of accounting records, qualifications of accounting personnel, the accounting basis to be used for the financial statements and the form and content of the statements.
b. The level of assurance expressed by the accountant.
c. In which situation would an accountant's standard report be least affected by a lack of independence-an audit, review, or compilation? Explain