What is a limited review, and what is the difference between a year-end statutory audit and a limited review?

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Limited review is a review of financial statements, less in scope than a full audit. Statutory audit is a comprehensive audit of financial statements.

Limited review is a less extensive review of financial statements than a full audit.
It provides a moderate level of assurance on the financial statements.
Statutory audit is a comprehensive audit of financial statements that provides a high level of assurance.
Statutory audit is mandatory for certain companies, while limited review is optional.
Statutory audit requires the auditor to obtain a deep understanding of the company's internal controls and risk management processes.
Limited review is usually performed when the company's stakeholders require some level of assurance on the financial statements, but a full audit is not necessary.
Statutory audit is usually performed at the end of the financial year, while limited review can be performed at any time during the year.

What is a limited review, and what is the difference between a year-end statutory audit and a limited review?

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