REVIEW Definition

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REVIEW is an accounting service providing some assurance to the Board of Directors and interested parties as to the reliability of financial data without the CPA conducting an examination in accordance with generally accepted accounting standards. The AICPA auditing standards board formulates review standards for public companies while the AICPA Accounting and Review Services Committee provides review standards for non-public businesses.

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BOOK VALUE OF EQUITY is the difference between the book value of assets and the book value of liabilities.

PERVASIVE is having the ability to permeate. An error is pervasive if it is material to more than one of the primary financial statements.

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