Section 8200, Public Accountant’s Review of Financial Statements

Ef­fec­tive date:

The Recommendations in paragraphs .60, .63, .66 and .68 apply to review engagement reports issued on or after October 1, 2003. The Recommendation in paragraph .24a is effective for documents containing financial statements for periods ending on or after December 14, 2010.

This standard is being replaced by CSRE 2400. CSRE 2400 will be 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 8200, Public Accountant’s Review of Financial Statements, provides guidance in addition to that set out in Section 8100, General Review Standards, when a review engagement is undertaken to report on interim or annual financial statements. Section 8200 does not apply to: (i) engagements in which the public accountant compiles, but does not review, unaudited financial statements (see Section 9200, Compilation Engagements); or (ii) future-oriented financial statements.

His­tory of Sec­tion 8200

Date

De­vel­op­ment

Com­ments

December 2009

Amendment relating to CAS 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements

The Recommendation in paragraph .24a is effective for documents containing financial statements for periods ending on or after December 14, 2010.

December 2015

CSRE 2400, Engagements to Review Historical Financial Statements, approved

This standard replaces the following existing review engagement standards for financial statements and other historical financial information:

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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