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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. 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

New Canadian Standard on Review Engagements released

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.

Paragraph 51 is effective for periods ending on or after December 15, 2018. The amend­ments were in­cluded in a Hand­book up­date in March 2017. See Pro­ject.

Note: The above sum­mary does not in­clude de­tails of con­se­quen­tial amend­ments made as the re­sult of other pro­jects.

Amendments under consideration

  • None

Correction list for hyphenation

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