Engagement to compile financial information is a special engagement involving utilization of accounting and financial expertise of the auditor rather than audit expertise, it involves procedures which ensure adequate collection, classification and disclosure of such financial information. Engagement to review financial statements is a limited audit engagement that involves the auditor to reach negative assurance regarding the review performed. The auditor does not express an opinion on the financial statement rather expresses that no material misstatement was observed which was apparently visible on performance of review. To select: The correct option.

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Chapter 21, Problem 21.20MCQ

To determine

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Engagement to compile financial information is a special engagement involving utilization of accounting and financial expertise of the auditor rather than audit expertise, it involves procedures which ensure adequate collection, classification and disclosure of such financial information.

Engagement to review financial statements is a limited audit engagement that involves the auditor to reach negative assurance regarding the review performed. The auditor does not express an opinion on the financial statement rather expresses that no material misstatement was observed which was apparently visible on performance of review.

To select: The correct option.

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