Which of the following accurately describes the fundamental difference in the level of assurance provided by a statutory audit compared to a review engagement?

Test yourself: pick an answer

• A)An audit provides absolute assurance, while a review provides reasonable assurance.
• B)An audit provides reasonable assurance expressed positively, while a review provides limited assurance expressed negatively.
• C)Both engagements provide reasonable assurance, but a review is less expensive.
• D)A review provides negative assurance, which represents a higher level of confidence than a positive audit opinion.