When considering audit versus review, the conversation often leads to the cost factor. A review costs less than an audit and, as a result, is often viewed as the preferred option, especially for early-stage, high-growth companies with limited operating capital.
In an audit, the CPA firm designs and performs analytical procedures, inquiries and other procedures only as deemed necessary based on its understanding of the industry and client.
The investigation of the entity’s internal control system or its risk of fraud, is the area of interest for bankers and investors who are lending/providing.
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