The procedures that could be used to review the interim financial information include:
(i) Reading last year’s audit and previous review files.
(ii) Considering any significant risks that were identified in the prior year audit.
(iii) Reading the most recent and comparable interim financial information.
(iv) Considering materiality.
(v) Considering the nature of any corrected or uncorrected misstatement in last year’s financial statements.
(vi) Considering significant financial accounting and reporting matters of ongoing importance.
(vii) Considering the results of any interim audit work for this year’s audit.
(viii) Considering the work of internal audit.
(ix) Asking management what their assessment is of the risk that the interim financial statements might be affected by fraud.
(x) Asking management whether there have been any significant changes in business activity, and if so, what effect they have had.
(xi) Asking management about any significant changes in internal controls and the potential effect on preparing the interim financial information.
(xii) Asking how the interim financial information has been prepared and the reliability of the underlying accounting records.