Ernst & Whinney never issued an audit opinion on financial statements of ZZZZ Best but did issue

Question:

Ernst & Whinney never issued an audit opinion on of ZZZZ Best but did issue a review report on the company’s quarterly statements for the three months ended 31 July 1986. How does a review differ from an audit, particularly in terms of the level of assurance implied by the auditor’s report?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...