| Definition: | To examine again. The overall review of audit working papers is completed after field work. A peer review is a practice monitoring program in which the working papers of one CPA firm are periodically reviewed by independent partners of other firms to determine that the working papers conform to professional standards. An analytical review is a type of substantive audit procedure. A review of the financial statements of a nonpublic company is an engagement that results in the expression of less assurance than an audit, but more than in a compilation. A review of the interim financial statements of a public company consists of analytical procedures and inquiries.
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