Business and Personal Finance Dictionary

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• REVIEW STATEMENTS
  
  Financial statements prepared by an independent CPA that have been subject to some examination but have not been audited. The CPA is required to consider the reasonableness of the information. If any number appears questionable, the CPA must make inquiries, apply analytical procedures or take other appropriate actions to provide the CPA with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statements in order for them to be in conformity with GAAP. Any departure from GAAP in reviewed statements should be noted in the transmittal letter and detailed in a footnote.
  
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