Issued by the Auditing Standards Executive Committee
AICPA American Institute of
Certified Public Accountants
Reports on a Limited Review of
Interim Financial Information1
1. This Statement applies to a report by an accountant on a limited
review of interim financial information, 2 whether presented in complete
or summarized form, that is included in documents issued to
stockholders and others or in forms filed with regulatory agencies.
The interim financial information may be presented alone or in a
note to audited financial statements.
2. The objective of a limited review differs significantly from the
objective of an examination of financial statements in accordance
with generally accepted auditing standards. A limited review may
bring to the accountant's attention significant matters affecting the
interim financial information, but it does not provide assurance that
the accountant will become aware of all significant matters which
would be disclosed by an audit.
1This Statement amends SAS No. 1, section 516.09, by the addition of the following
sentence: " An accountant may also state that a limited review was
made when reporting on such a review ( see SAS Nos. 10 and 1 3 ) ."
2 The nature, timing, and extent of procedures that constitute a limited review
and the nature of the report that may be issued to the board of directors and
management are contained in SAS No. 10, " Limited Review of Interim Financial
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