Review of Financial Statements — SRE 2400
Review of Interim Financial Information — SRE 2410
2. Who performs Review ?
2400– Different Practitioner
2410– Existing Auditor of Financial Statement
3. Acceptance & Quantum of Work
2400- Practitioner needs to be very careful before accepting such assignments as he may not have adequate knowledge, Quantum of work is high as he is not having any prior Experience
2410- Auditor is well versed with entity so its much easier to accept review assignment and quantum of work is also quite less as work done in audit can be used and vice versa.
4. Common Areas
Nature of examination is same — inquiry and analytical procedures (depth / extent differs)
Reporting— Flow and substance of report is same
Type of Opinion — Is also same.