A review report is the base
level of assurance that is provided by a CPA and is typically generated when a
growing company seeks larger and more complex financing or credit.
The CPA will perform a
variety of procedures and analysis along with inquiries to obtain limited
assurance on the financial statements, providing some confidence in their
accuracy.
To perform a review the CPA
must be familiar with the industry in which your business operates and must
obtain knowledge of your business's accounting principles and accounting
practices in order to understand where potential material misstatements are
more likely to arise.
Reviews are much narrower in
scope than audits.