Completion, review and reporting

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Difference between a hot review and a cold review

A hot review is the review of working papers that is performed by more senior member of staff during the course of the audit, and is usually performed soon after the work is completed.the reviewer will indicate that he has performed the review by dating and initialling the piece of work. The review should ensure that the work has been … Read the rest

Objectives of a limited assurance engagement.

The objective of a limited assurance engagement is a reduction in assurance engagement risk to a level that is
acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable
Assurance engagement, as the basis for a negative form of expression of the practitioner’s conclusion.

In a limited assurance engagement, the practitioner:
gathers sufficient … Read the rest