International Standard on Review Engagements 2400 (Revised): Engagements to Review Historical Financial Statements has been revised. The revised standard applies for periods ending on or after 31 December 2013.
The Standard deals with the practitioner’s responsibilities when engaged to perform a review of historical financial statements, when the practitioner is not the auditor of the entity’s financial statements, and the form and content of the practitioner’s report on the financial statements. The Standard contains useful illustrative information within the appendices - Appendix 1: Illustrative Engagement Letter for an Engagement to Review Historical Financial Statements and Appendix 2: Illustrative Practitioners’ Review Reports.
When considering the use of the Standard practitioners will need to consider ISQC 1. The Standard states:
Quality control systems, policies and procedures are the responsibility of the firm. ISQC 1 applies to firms of professional accountants in respect of a firm’s engagements to review financial statements.3 The provisions of this ISRE regarding quality control at the level of individual review engagements are premised on the basis that the firm is subject to ISQC 1 or requirements that are at least as demanding.