A review must be performed in accordance with Statements on Standards for Accounting and Review Services . In a review, an accountant obtains limited assurance that material modifications to the financial statements are not required for them to be in conformity with GAAP. This assurance is accomplished by performing inquiries of management, analytical procedures and calculations of certain financial ratios. Reviews generally are requested by users of the financial statements who require a higher degree of service and assurance than a compilation but not to the extent of https://writeablog.net/ormodanusn/while-it-raised-concerns-over-hints-of-protectionism-it-praised-his-ability-to an audit. Section 501 of the LMRDA outlines the general fiduciary responsibilities for officers and employees of unions. Union officials occupy positions of trust and therefore must ensure that the union’s funds and other assets are used solely for the benefit of the union and its members.
