Question: engaged 25-23 (OBJECTIVE 25-1) SSARS contain several procedures that are required when to perform a compilation or review engagement. Below are ten statements that

engaged 25-23 (OBJECTIVE 25-1) SSARS contain several procedures that are required when

engaged 25-23 (OBJECTIVE 25-1) SSARS contain several procedures that are required when to perform a compilation or review engagement. Below are ten statements that may or may not be relevant to a compilation or review engagement. For each of the ten statements, indicate whether the procedure is to be performed in a compilation or review engagement. Required for a Compilation Review Description of Procedure 1. Obtain a written engagement letter. 2. Understand the client's industry and the nature of the client's business. 3. Read the financial statements. 4. Design and perform analytical procedures. 5. Make inquiries of client management. 6. Perform tests of controls. 7. Assess fraud risk. 8. Obtain a letter of representation from management. 9. Prepare documentation in sufficient detail to pro- vide a clear understanding of the work performed. 10. Issue a report that contains limited assurance about whether the accountant is aware of the need for material modification to the financial statements. Engagement? Engagement?

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