By Jeff Brocklebank.
The Chartered Professional Accountants of Canada (CPA Canada) continuously reviews the methodology for audits and review engagements. This is done to ensure that the standards being enforced reflect the current business, financial and regulatory environment.
CPA Canada has introduced new standards, CSRE 2400, which will be applicable to all review engagements with periods ending on or after December 14, 2017.
What Does CSRE 2400 Mean for You?
These changes mean it will take longer to complete an engagement than in prior years. We expect the impact to be greater in the first year under the new standards than in subsequent years.
How Will These Changes Impact Your Review Engagement?
- A new report.
- The wording of the Review Engagement Report will be substantially revised.
- Increased documentation requirements.
- Accountants are now required to prepare additional documentation of our understanding of the business, its operations and the control environment. This will result in increased discussion, analysis and communication with the company’s management.
- Additional review procedures.
- Accountants are now required to perform additional procedures to address specific matters such as related party transactions, compliance with laws and regulations, and the potential for fraud.
At Walsh King, we are committed to staying up-to-date on changes to effectively advise our clients.
If you have any questions or concerns about the new review engagement standards, please contact us.
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