CSRE 2400, Engagements to Review Historical Financial Statements
Effective date: |
Effective for reviews of financial statements for periods ending on or after December 14, 2017, except for subsequent amendments. Early adoption of CSRE 2400 is not permitted. |
Overview
In December 2015, the AASB approved CSRE 2400, Engagements to Review Historical Financial Statements, which is to be included in an April 2016 Handbook update. Refer to the Completed Project.
This standard replaces the following existing review engagement standards for financial statements and other historical financial information (referred to as “the 8000 Series”): Section 8200, Public Accountant’s Review of Financial Statements, Section 8500, Reviews of Financial Information other than Financial Statements, AuG-20, Performance of a Review of Financial Statements in Accordance with Sections 8100 and 8200, and AuG-47, Dating the Review Engagement Report on Financial Statements.
The AASB plans to temporarily retain Section 8100, General Review Standards, but to amend its scope to exclude reviews of historical financial statements and other historical financial information. Section 8100 will be retained as long as Section 8600, Reviews of Compliance with Agreements and Regulations, is in the Handbook because Section 8600 needs to be read in conjunction with Section 8100.
The new standard is based on ISRE 2400, Engagements to Review Historical Financial Statements, which was issued by the IAASB on September 27, 2012 and effective for periods ending on or after December 31, 2013.
The AASB staff have prepared the following documents to assist practitioners:
History of CSRE 2400
Date |
Development |
Comments |
April 2016 |
CSRE 2400 sets out requirements related to: (i) engagement level quality control; (ii) accepting the engagement; (iii) communicating with management and those charged with governance; (iv) performing the engagement; (v) forming a conclusion in the financial statements; (vi) reporting; and (vii) documentation. Effective for reviews of financial statements for periods ending on or after December 14, 2017. Earlier application is not permitted. |
|
October 2016 |
The issuance of CAS 250, Consideration of Laws and Regulations in an Audit of Financial Statements, (NOCLAR) gave rise to a conforming amendment in paragraph 51. See Completed Project |
Paragraph 51 is effective for periods ending on or after December 15, 2018. The amendments were included in a Handbook update in March 2017. |
August 2020 |
Paragraph 25 was amended to reflect changes in the provincial Codes of Professional Conduct. See Completed Project. |
The changes are effective July 15, 2020. |
May 2022 |
Relates to conforming amendments to Other Canadian Standards resulting from the approval of CSQM 1. Paragraphs 22, 23, 25, 26 and 105 have been amended. See Completed Project. |
The changes are effective for periods beginning on or after December 15, 2022. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.
Amendments under consideration
- None