1.

Review work on unaudited financial statements consists primarily of conducting

inquiries, performing analytical procedures, and obtaining a management representation
letter. List the typical procedures accountants would perform on a review engagement.
Procedures performed during a review of unaudited financial statements consist primarily
of obtaining review evidence by
1. Obtaining a written understanding with management about the nature and limitations
of a review engagement (engagement letter).
2. Obtaining knowledge of the entitys business, accounting principles in the entitys
industry, and the entitys organization and operations.
3. Inquiring of management about the entitys accounting system; actions taken at meetings
of shareholders, directors, and other important executive committees; and issues surrounding
the preparation and presentation of the financial statements, such as accounting
principles used, unusual or complex transactions, significant transactions near the
end of the period, subsequent events, and communications with regulatory agencies.
4. Conducting analytical procedures.
5. Obtaining written representations from management.pg. 560