Richard Hernstein, who has audited the financial statements of the Century Group, Inc., a publicly held company, for the year ended December 31, 1999, has been asked to perform a limited review of the unaudited interim financial statements of the Century Group for the quarter ending March 31, 2000. The engagement letter states that a limited review does not provide a basis for expressing an opinion.

Required:

1. Explain why Hernstein's limited review will not provide a basis for expressing an opinion 

2. What are the review procedures that Bernstein should perform, and what is the purpose of each procedure? Structure your response as follows:

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Procedure Purpose of Procedure