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Unlike an audit, a review engagement is based mainly on analytical procedures and inquiries conducted by the auditor. The quarterly unaudited financial results of companies listed on stock exchanges in India are subject to limited review by the chartered accountants. The AAS on Engagements to Review Financial Statements provides extensive guidance on the types of such procedures and enquiries to be employed by the auditors. The AAS establishes standards and provide guidance on the auditor’s professional responsibilities and on the form and content of the report that the auditor issues in connection with a review. The AAS deals with issues such as scope of the review engagement, level of assurance, terms of engagement, planning, documentation, review procedures, conclusions and reporting requirements in the review engagements. The AAS also illustrates format of engagement letter to be issued, review procedures to be applied and format of Review reports to be issued for qualified as well as unqualified opinion.
The AAS is operative for all review engagements relating to accounting periods beginning on or after 1 April 2005.
Issued in January, 2005
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2005)
Not available as a separate publication of the Institute.
With the issuance of this AAS, the Guidance Note on Engagements to Review Financial Statements, issued by ICAI stands withdrawn.

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