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Practice inspection’s preliminary observations regarding the new review engagement standard

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Dec 10, 2018

On December 10, 2018, CPA Canada published a blog giving some reminders for practitioners when applying this new standard. They contacted provincial practice inspectors to find out what they have seen in their inspections of review engagement files. The reminders are based on these preliminary observations.

CPA Canada identified the following areas, where practitioners should take extra care:

  1. Documenting the practitioner’s understanding
  2. Identifying areas in the financial statements where material misstatements are likely to arise
  3. Developing an expectation when performing analytical procedures
  4. Making inquiries of management and others within the entity
  5. Updating management representation letters

Review the full blog on the CPA Canada's website.

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