Question: 19 - 36 Loman, CPA, who has audited the financial statements of the Broadwall Corporation, a publicly held company, for the year ended December 31,

19 - 36

Loman, CPA, who has audited the financial statements of the Broadwall Corporation, a publicly held company, for the year ended December 31, 20X6, was asked to perform a review of the financial statements of Broadwall Corporation for the period ending March 31, 20X7. The engagement letter stated that a review does not provide a basis for the expression of an opinion.

a. Explain why Loman's review will not provide a basis for the expression of an opinion.

b. What are the review procedures Loman should perform, and what is the purpose of each

procedure? Structure your response as follows:

Procedure: Purpose of Procedure:

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