Review

 

Review provides a basic level of assurance on the accuracy of financial statements, which is referred to as a "passive opinion".  A CPA will conduct review procedures compliant with SSARS (Statement of Standards for Accounting and Review Services).  

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The CPA is required to understand the industry in which an entity operates, and obtain knowledge of the entity's business and accounting principles and practice applied in that industry and business.

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Understanding of internal controls at the audit level and verification tests will not be required.