IAASB Standard Assists Auditors in Reviewing Interim Financial Info

The International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants (IFAC) released a new International Standard on Review Engagements (ISRE) to assist auditors in carrying out their professional responsibilities when reviewing the interim financial information of an audit client.

ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, outlines the general principles of a review of interim financial information, provides guidance on the inquiries, analytical and other review procedures to be performed by the auditor, and prescribes the content of the review report. In addition, an appendix to the standard includes examples of an engagement letter, management representation letter, analytical procedures the auditor may consider when performing the review, and illustrative review reports.

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