Dec 13

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New Guide to Review Engagements

On December 10, 2013 the International Federation of Accountants released its guide for conducting review engagements.  The guidelines are particularly relevant for smaller firms conducting review engagements in compliance with International Standard on Review Engagements (ISRE) 2400 (Revised).

The guide includes such helpful information as:

  • illustrative examples
  • relevant extracts from the standard
  • practical points for practitioners’ consideration
  • tips on efficiently implementing the standard, and
  • checklists and forms that can be adapted to meet particular requirements and circumstances.

Review engagements provide limited assurance that nothing has come to the practitioner’s attention that would indicate that the financial statements are inconsistent with the applicable financial accounting framework.  Reviews are often useful for smaller entities who want to provide some level of assurance without incurring the considerable cost of a full audit.

About the author

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

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