17 October 2009
I am a newly qualified Chartered Accountant. I don't have experience in audit during the Articles training. Now I joined in an audit firm. They have asked me to do limited review of a listed company. Can any one please let me know the detailed and step by step procedure for carrying out limited review and areas to be concentrated? Please please help me in this regard
20 October 2009
Hi, Quarterly and special limited review means - examination of all or part of the Accounting Statement of a determined period, without the implementation of all audit procedures required in the accounting audit for the issue of an opinion balance sheet, but with the extent and depth necessary to emit formal opinion.
There are no rigid steps as it will vary based on the industry. In limited review one has to apply overall checks like variance analysis, business scenario, ratio analysis etc and also determine the significant changes in the policies. Focus on any new contracts significantly influencing the results.
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