Business, Management and Accounting
8 years ago

New Standards for Financial Statements Reviews to Ensure Accuracy and Compliance

Review of Financial Statements
AICPA

Paper Summary

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The article discusses how accountants review financial statements following specific standards. The goal is to provide limited assurance on whether any important changes are needed for the statements to comply with financial reporting rules. This is done through asking questions and analyzing data. A review is not as thorough as an audit, which gives an opinion on the statements. Accountants in the U.S. must follow the standards set by the AICPA Accounting and Review Services Committee when reviewing financial statements.