Hello fellow CPA candidates,
I am using Wiley CPAtestbank to study for AUD and found inconsistency regarding engagement letter.
a question about review engagement says " This answer is incorrect because, while an engagement letter is desirable, it is not required."
another question's answer says this: "This answer is correct because a review requires the obtaining of both an engagement letter and a representation letter."
can someone please clarify whether or not engagement letter is REQUIRED for review?
and one more question;
what is examination in AUD? does it provide any assurance? if so, is the assurance level higher than review and lower than audit? please drop some knowledge on this!
Thanks!