limited review
This query is : Resolved
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
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.
Rgds
Srinivasan
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.
Rgds
Srinivasan
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- PPF interest-As Exempt Income disclosure
- Under construction property in ITR
- Scrutiny and reopening of past returns
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- Building tax payment deduction in rental Income
- F & O PROFIT REPORTING FOR AY 2026-27
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
