The International Auditing and Assurance Standards Board (IAASB) has released for comment proposed International Standard on Review Engagements (ISRE) 2400, Engagements to Review Historical Financial Statements. The proposals would introduce robust standards for services that can be used by entities that are either not required or do not elect to be audited.
A review of financial statements in accordance with the proposed ISRE consists primarily of making inquiries of management and others within the entity involved in financial and accounting matters, applying analytical procedures, and evaluating the sufficiency and appropriateness of evidence obtained. The procedures performed in a review are substantially less than those performed in an audit, and the practitioner does not express an audit opinion.
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