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Accounting & Tax Training for CPA students/Fundamentals of a Review Engagement
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Fundamentals of a Review Engagement


This course is designed to provide an in-depth review of the application of the new Canadian Standard on Review Engagements (CSRE) 2400, Engagements to Review Historical Financial Statements. Each stage of the review engagement will be considered, from planning to issuance of the practitioner’s ...
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Contents

General Information

General Information

Fundamentals - Canadian Standard on Review Engagements (CSRE) 2400

Fundamentals - Canadian Standard on Review Engagements (CSRE) 2400

Audit vs. Review and NTR

Difference between an Audit, Review and NTR Engagement

Engagement Comparison

Audit, Review and NTR Engagement Comparison

Review Engagement Objectives

Review Engagement Objectives

Intended Users of Financial Statements

Intended Users of Financial Statements

Review Engagement Planning Stage

Review Engagement Planning Stage

Performing the work

Performing the work

Threats to Independence

Threats to Independence

Ethical Standards

Ethical Standards

Professional Skepticism

Professional Skepticism

Professional Judgment

Professional Judgment

Materiality

Determining materiality for the engagement

Inquire about the purpose of why a review engagement is required/needed

Rational Purpose of Review Engagement

Scope Limitations

Scope Limitations

Information That Could Raise Doubts about Management’s Integrity

Doubts about Management’s Integrity

Why Obtain an Understanding of the Entity and Its Environment

Why Obtain an Understanding of the Entity and Its Environment?

Types of Procedures

Types of Procedures
Inquiries Procedures
Specific Required Inquiries

Common analytical procedures include

Common analytical procedures include

CSRE 2400 Paragraph 47 - Making Inquiries

CSRE 2400 Paragraph 47 - Making Inquiries

Documentation

Documentation

Consider using PEG checklist

Use of PEG Checklists

Examples of Analytical Procedures

Examples of Analytical Procedures

Sample Engagement Letter For a Review Engagement

Sample Engagement Letter For a Review Engagement

Review engagement Report

Review engagement Report

Terminology and Key Concepts

Terminology and Key Concepts