FYI Review Engagement - Designing and Performing Review Procedures—The accountant should design and perform analytical procedures and make inquiries (and perform any other procedures as needed) to obtain “sufficient appropriate review evidence” as a basis for the review report; if unable to obtain sufficient appropriate review evidence, the accountant should withdraw from the engagement. Risk Assessment—The accountant should focus the review procedures in the areas believed to be at higher risk of material misstatements. However, the accountant does not obtain an understanding of internal control for purposes of assessing control risk. Analytical Procedures—The accountant should use analytical procedures as a basis for inquiry about relationships that appear unusual and should investigate significant differences relative to expectations by inquiring of management and performing other review procedures as needed.

Written Representations—The accountant should obtain written representations from the appropriate members of management (usually the chief executive officer and chief financial officer); the representations letter should have the same date as the review report. (If management does not provide the required representations, the accountant should withdraw.) Reporting Responsibilities for a Review Engagement The accountant's review report having an unmodified conclusion consists of the following: 1. A title, such as “Independent Accountant's Review Report” 2. An appropriate addressee 3. An introductory paragraph (without a label) that identifies the financial statements that were reviewed (and dates/periods involved), that states that a review consists primarily of analytical procedures and inquiries, and that states that a review is substantially less in scope than an audit (with a disclaimer of opinion) 4. A section entitled “Management's Responsibility for the Financial Statements” that identifies management's responsibilities for the financial statements and internal control 5. A section entitled “Accountant's Responsibility” that references the SSARSs promulgated by the ARSC of the AICPA and refers to “limited assurance” as a basis for reporting 6. A section entitled “Accountant's Conclusion” that provides negative assurance on the financial statements and 7. The signature of the accountant or the accountant's firm, the city and state where the accountant practices, and the date of the report.