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
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- GST Rate for Catering Services
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- EXPORT COMMERCIAL INVOICE HSN CODE
- ITR 4 and Bank transactions
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
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
