A limited review of financial statements is an audit restricted to an examination either for a limited period or of a limited part of the records. A review does not contemplate obtaining an
understanding of the entitys internal control; assessing fraud risk; tests of accounting
records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); and other procedures ordinarily performed in an audit. Accordingly, a review does not provide assurance that we will become aware of all significant matters that would be disclosed in an audit. Therefore, a review provides only limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles.
The Georgia Report of Independent Accountants after Review of Financial Statements is a comprehensive document that provides a detailed analysis of the financial statements of an organization. This report is prepared by independent accountants who have thoroughly reviewed the financial records, transactions, and disclosures of the company. It serves to provide an objective evaluation of the financial health and performance of the organization. In the state of Georgia, there are several types of reports that independent accountants can issue after reviewing the financial statements. These reports include the: 1. Georgia Unqualified Review Report: This report is issued when the independent accountants find no material misstatements or discrepancies in the financial statements. It indicates that the financial statements are presented fairly and in accordance with the Generally Accepted Accounting Principles (GAAP). 2. Georgia Qualified Review Report: This type of report is issued when the independent accountants identify certain issues or limitations that affect their ability to perform a comprehensive review. These issues can include missing information, inadequate record keeping, or limitations imposed by management. The report highlights the limitations and provides additional disclosures regarding the findings. 3. Georgia Adverse Review Report: This report is issued when the independent accountants find material misstatements, errors, or discrepancies in the financial statements that impact their overall fairness and compliance with GAAP. It indicates that the financial statements are not presented accurately or fairly. 4. Georgia Disclaimer of Opinion: In certain cases, the independent accountants may be unable to express an opinion on the financial statements due to significant limitations or restrictions. This report states that the accountants were unable to perform a reliable review and therefore cannot provide any conclusions or opinions. The Georgia Report of Independent Accountants after Review of Financial Statements is an essential document for investors, stakeholders, and lenders. It enables them to make informed decisions regarding the financial stability and performance of the organization. Furthermore, it ensures transparency and accountability in financial reporting, contributing to the overall integrity of the business.
