The meaning of limited review is not clear to me... can u plzz explain it in detail
Yogesh Shah
(Managing Corporate Finance)
(1051 Points)
Replied 01 August 2013
Hi Raj,
Are you talking in terms of Standards of Auditing? As per SA, limited review doesn't involve deep checking as in case of audit. The term is 'Limited REVIEW'. The word review itself indicates that it is just and merely review and not the vouching / checking etc.
E.g. one public company wants to publish their quarterly results in newspaper and they appoint you for a limited review. Then in this case, you will not do the Audit but you will review whether such quarterly results are in accordance with Co act, Revised Sch VI etc etc. Whether all items are in accordance with books of accounts and PRIMA FACIE no misrepresentation is there. No need to provide any opinion like Audit.
Other respected members, kindly rectify me if Im wrong.
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