Auditors for years have distinguished between the familiar traditional "audit," which is usually performed annually, and a quarterly "review." A "review" typically consists more of just discussion and observations rather than the performance of substantive audit procedures, and principally involves applying analytical procedures to the company’s financial data, making inquiries of the company’s officers responsible for financial and accounting matters, and bringing to management’s attention if anything is observed that is in contravention of GAAP (generally accepted accounting principles)....

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