Pronunciation: [lˈɪmɪtɪd ɹɪvjˈuː] (IPA) 
The spelling of the phrase "limited review" is fairly straightforward. The word "limited" is spelled as /ˈlɪmɪtɪd/, with the stress on the first syllable and the /t/ sound at the end. The word "review" is spelled as /rɪˈvjuː/, with the stress on the second syllable and the /j/ sound at the end. When combined, the phrase is spelled as "limited review", meaning a review that is not as comprehensive as a full review.
Limited review refers to a type of evaluation conducted by an auditor or an independent accountant to examine and assess the financial statements of an organization. It is typically less comprehensive than a full audit but more involved than a compilation. A limited review provides a certain level of assurance, aiming to evaluate the plausibility and accuracy of an organization's financial statements and determine whether they are in accordance with the applicable financial reporting frameworks.
During a limited review, the auditor performs procedures such as making inquiries, analyzing financial data, and comparing financial statements with relevant documents. However, the scope of work is limited compared to a full audit, and the auditor's efforts to corroborate the information are generally less intensive.
The objective of a limited review is to provide moderate assurance to the users of the financial statements that no material modifications need to be made to them, enabling them to make informed decisions. While a limited review provides some level of assurance, it does not provide absolute certainty on the accuracy of the financial statements, as the scrutiny and verification of financial data are less rigorous than in a full audit.
Overall, a limited review is a valuable tool for stakeholders, such as shareholders, creditors, and potential investors, as it provides a degree of assurance and enhances transparency in financial reporting, albeit with certain limitations compared to a more extensive audit.
The word "limited" originated from the Latin word "limitare" which means to restrict or to confine. "Review" comes from the Old French word "revue" meaning an inspection or examination. The term "limited review" combines these two words to indicate an inspection or examination that is conducted with certain restrictions or confinements. In the context of business or finance, a limited review refers to a type of financial review or audit that provides a moderate level of assurance, while having certain limitations compared to a full audit.
