Difference between limited review and audit

Question

Accepted Answer

Limited review is less extensive than an audit, providing limited assurance on financial statements.

Limited review is a less comprehensive examination of financial statements compared to an audit.
An audit involves a detailed examination of financial records, transactions, and internal controls.
A limited review provides a moderate level of assurance on the accuracy and reliability of financial statements.
Audits are typically conducted by external auditors, while limited reviews can be performed by internal or external professionals.
Limited reviews may involve analytical procedures, inquiries, and discussions with management.
Audits result in an auditor's opinion on the fairness of financial statements, while limited reviews do not provide an opinion.

Accepted Answer

An audit refers to the systematic and intelligent examination of the books of account of an entity to check whether they present true and fair view or not.

Difference between limited review and audit

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