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.