What it is
A review engagement gives limited assurance: the accountant reports whether they are aware of any material modifications needed for the statements to conform with the framework. AR-C 90 requires the terms to be agreed in writing and signed by the accountant and by management or those charged with governance.
This template sets out the objective, the nature of a review (mainly inquiry and analytical procedures), what a review is not, and both sides’ responsibilities.
When to use it
- Before starting a review of a private company’s or not-for-profit’s financial statements.
- When a lender or investor requires reviewed rather than audited statements.
- When stepping a client down from an audit to a review.
What’s inside
- Objective of the review and the limited assurance it gives
- Statement that a review is not an audit and does not give an opinion
- Management responsibilities, including the written representations requested
- Independence requirement for a review
- Expected form of the review report, fees and signature blocks for both parties
Standard cited
This template follows AR-C 90 (SSARS). It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Does the accountant need to be independent for a review?
Yes. A review engagement under AR-C 90 requires independence. If independence is impaired the accountant cannot issue a review report.
Who must sign a review engagement letter?
AR-C 90 requires the agreement to be signed by the accountant (or the firm) and by management or, where appropriate, those charged with governance.
Related templates
- Compilation Engagement Letter (AR-C 80)
- Preparation Engagement Letter (AR-C 70)
- Audit Engagement Letter (AU-C 210)
Last updated 11/04/2026. All free templates.