- 10 Marks
AAA – May 2017 – L3 – Q5a – Audit-related services | Practice management
Compare and contrast the audit of completed financial statements with the review of interim financial statements, focusing on key differences and similarities.
Question
Your audit firm has been the statutory auditors for Apenkwa Co. Ltd. for the last three years. The company prepares its financial statements to December 31 each year. Due to the size of the company, it has been the practice of the client to prepare interim financial information to June 30 every year. At the request of the client, you have been reviewing the interim financial information each year it is prepared.
Required:
Compare and contrast the audit of completed financial statements and the review of interim financial statements. (10 marks)
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