Course: Practical Application: Canadian Standard on Review Engagements - Part 1

In December 2015, the Auditing and Assurance Standards Board approved the revised CSRE 2400, Engagements to Review Historical Financial Statements. The new standard will be included in the CPA Canada Handbook in 2016 and effective for reviews of financial statements for periods ending on or after December 14, 2017

This new standard will replace the following 8000 series standards for reviews of historical financial statements and other historical information:
• S. 8200 - Public Accountant’s Review of Financial Statements
• S 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.

Since this is the first major update to review standards for over 20 years, the changes are significant, especially for firms and practitioners that are not familiar with the Canadian Auditing Standards since many of the key concepts are similar. The new standards are much more prescriptive than the previous 8000 series standards with over 100 “shall” requirements. It will be important for practitioners and staff to understand the requirements and how to document compliance.

The objective of the course is to provide practitioners and staff with a general understanding of the new review engagement standards and highlight some key differences which will have implications on how reviews are conducted and documented.

This course will:
1. Review the new review engagement report and implementation timelines.
2. Examine key differences between the existing and new review standards, including:
a) Client acceptance and continuance
b) Required communications with Management and those Charged with Governance.
c) Engagement performance; and
d) Reporting requirements
3. Review sample engagement and representation letters;
4. Discuss modifications of the review engagement report;