Course: CSRE 2400 First Year Adoption

The objective of the course is to review key differences between CSRE 2400 and s. 8100 and s.8200 that often lead to implementation issues when applying the new review engagement standards. The course will reflect on the experiences and feedback received after the first busy season using the new forms and standards.


CSRE 2400 was effective for reviews of financial statements for periods ending on or after December 14, 2017. Since this was the first major update to review standards for over 20 years, the changes were significant, especially for firms and practitioners that are not familiar with the Canadian Auditing Standards.


The new standards are much more prescriptive than the previous 8000 series standards with over 100 “shall” requirements which impacted the extent of documentation required to comply with the new standard. The new PEG forms represented a significant change from current practice.


This course will examine:
1. Key differences between the old and new review standards;
2. Areas where firms have had difficulty implementing the new requirements, including;
a. Understanding the concept and limitation of “risk” in a review engagement;
b. Extent of understanding required relating to the entity and its systems;
c. Customization of review procedures to respond to areas where material misstatements arise;
d. Extent and use of audit type procedures; and
e. Reporting implications and report modifications.
3. Common areas where firms have struggled with the new PEG forms.
The course objective is to build upon the understanding of CSRE 2400 requirements and previous courses to focus on application issues. The course assumes the participant has an understanding of the CSRE 2400 standards and is familiar with the PEG review engagement methodology and key forms.