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Financial Reporting Insights - December 2016

Published on: Jan 10, 2017

The new review engagement standard - Are you ready?

In December 2015, the AASB approved CSRE 2400, Engagements to Review Historical Financial Statements. This standard replaces the existing review engagement standards for financial statements and other historical financial information.

The adoption of CSRE 2400 is one more step in the efforts towards harmonization with international standards in Canada, enabling the consistent delivery of high quality assurance engagements both domestically and globally.

In our CFO’s corner series, Lilian Cheung, Senior manager, National Assurance Services, discusses the rationale behind the new review standard, the key changes from the existing review standards, and how these changes will impact financial statements users, including management and those charged with governance.

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