Part 1: Introduction to CSRE2400: Canadian Standard on Review Engagements or a thorough understanding of the CSRE 2400 including the explanatory material.
CSRE 2400 will be effective for reviews of financial statements for periods ending on or after December 14, 2017. The focus of the new standard was to codify the 20+ years of best practice and incorporate the concept of risk in performing review engagements. Review engagement procedures are now driven by a thorough understanding of the entity, the business environment and the results of preliminary analytical procedures to identify areas of the financial statements where material risks are likely to arise.
CPA Canada will issue new CSRE 2400 compliant forms in May 2016. These new forms will be different from the existing CPEM forms and will require more extensive documentation in key areas. For practitioners who were using the alternative review engagement forms based on AuG-20 or CPEM R380, the new forms will represent a significant change from current practice.
The objective of the course is to build upon the understanding of CSRE 2400 requirements and focus on the application of the standards, through the use of an illustrative case study using the 2017 PEG forms covering the following PEG steps to performing review engagements.