What it is
A review report states that the accountant reviewed the financial statements under SSARS, describes what a review is, and gives a conclusion in limited-assurance form: the accountant is not aware of any material modifications that should be made for the statements to be in accordance with the framework.
This template has the unmodified report shell and notes on when and how the conclusion is modified. The modification wording is a drafting aid, so tailor it to the facts of each engagement.
When to use it
- Issuing a report on reviewed financial statements of a private company or not-for-profit.
- Deciding whether the report must be modified and how.
What’s inside
- Unmodified review report shell with each AR-C 90 element as a placeholder
- Dating, signature, and city / state notes
- When to modify: departure from the framework, going concern, emphasis and other matter paragraphs
- Circumstances in which a review report cannot be issued
- Qualified and adverse conclusion shells as drafting aids
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
What assurance does a review give?
Limited assurance. The accountant mainly performs inquiry and analytical procedures. A review is substantially less in scope than an audit, and the accountant does not express an opinion.
When is a review report modified?
When the statements depart from the framework in a material way, the report carries a qualified or adverse conclusion with a basis paragraph describing the matter. If the accountant cannot complete the review, no review report is issued; consider withdrawing.
Where does going concern go in the report?
When the accountant concludes that substantial doubt remains and the statements disclose it adequately, the report includes an emphasis-of-matter paragraph that refers to the disclosure. If disclosure is inadequate, the conclusion is modified for the departure from the framework.
Related templates
- Review Engagement Letter (AR-C 90)
- Review Engagement Representation Letter (AR-C 90)
- Review Engagement Analytics and Inquiry Workpaper (AR-C 90)
Last updated 11/04/2026. All free templates.