Review engagements are important where there is no audit, as they allow a professional accountant to enhance the credibility of financial statements. While such engagements may involve relatively large companies and be a statutory requirement, they are more commonly commissioned in the small and medium-sized enterprise SME sector. In our general comments on the exposure draft, we explore the commercial viability of the review engagement and the difficulty of achieving global acceptance of the proposed standard. We suggest that some work on the principles could be included in a current project on audit quality and indeed that the project ought to include quality issues for non-audit engagements, which are important for SMEs.
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IAASB: ISAE 2400 (revised), engagements to review historical financial statements
At a Glance: ISRE 2400 (Revised): Engagements to Review Historical Financial Statements