Limited Review (Noun)
Meaning
(accounting) a service (less exhaustive than an audit) that provides some assurance to interested parties as to the reliability of financial data.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The company opted for a limited review of their financial statements instead of a full audit to save on costs.
- A limited review was conducted by the accounting firm to provide some assurance to the investors regarding the company's financial health.
- The limited review report expressed some reservations about the company's internal controls but overall found the financial data to be reliable.
- The accounting firm performed a limited review of the company's financial statements as part of their annual financial reporting requirements.
- The limited review provided some assurance to the bank that the company's financial data was accurate, allowing them to approve the loan application.