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Section 8100, General Review Standards

Ef­fec­tive date:

The Recommendations in this Section apply to review engagement reports issued on or after January 1, 1989, except that the Recommendation in paragraph 8100.26 applies to reports issued on or after October 1, 2003.

As a result of the issue of CSRE 2400, Engagements to Review Historical Financial Statements, the AASB will temporarily retain Section 8100 but 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. CSRE 2400 is effective for reviews of financial statements for periods ending on or after December 14, 2017 and will be reflected in an April 2016 Handbook update. Early adoption of CSRE 2400 will not be permitted.

Overview

Section 8100, General Review Standards, deals with reviews by public accountants of annual and interim financial statements and other information, except when the auditor of an entity reviews its unaudited interim financial statements in the circumstances described in Section 7060, Auditor Review of Interim Financial Statements.

Reviews are distinguishable from audits in that the scope of a review is less than that of an audit and therefore the level of assurance provided is lower. A review consists primarily of inquiry, analytical procedures and discussion related to information supplied to the public accountant by the enterprise with the limited objective of assessing whether the information being reported on is plausible within the framework of appropriate criteria. In Section 8100, the word "plausible" is used in the sense of appearing to be worthy of belief based on the information obtained by the public accountant in connection with the review.

His­tory of Sec­tion 8100

Date

De­vel­op­ment

Com­ments

December 2015

CSRE 2400Engagements to Review Historical Financial Statements, approved

As a result of the issue of CSRE 2400, the AASB will temporarily re­tain, Section 8100, Gen­eral Re­view Stan­dards, but 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.

CSRE 2400 is effective for reviews of financial statements for periods ending on or after December 14, 2017 and will be reflected in an April 2016 Handbook update. Early adoption of CSRE 2400 will not be permitted.

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.

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

Amendments under consideration

  • None

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