| 23 Feb 2011 | Circular MF9/2011 |
ALL MEMBER FIRMS
PROPOSED INTERNATIONAL STANDARD ON REVIEW ENGAGEMENTS 2400, ENGAGEMENTS TO REVIEW HISTORICAL FINANCIAL STATEMENTS
The Institute is pleased to inform members that the Council has approved the release of the exposure draft on International Standard on Review Engagements (“ISRE”) 2400 (Revised), Engagements to Review Historical Financial Statements for distribution to members, regulatory bodies and other interested parties for comment.
The exposure draft is drawn primarily from the pronouncement issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants.
A review of financial statements in accordance with the proposed ISRE consists primarily of making inquiries of management and others within the entity involved in financial and accounting matters, applying analytical procedures, and evaluating the sufficiency and appropriateness of evidence obtained. The practitioner reports on whether anything has come to the practitioner’s attention that causes him/her to believe that the financial statements, taken as a whole, are not prepared in all material respects in accordance with the applicable financial reporting framework. The procedures performed in a review are substantially less than those performed in an audit, and the practitioner does not express an audit opinion.
The proposed ISRE will help practitioners around the world who perform review engagements converge towards use of a globally accepted benchmark, and facilitate development of practice in jurisdictions that currently do not have national standards in this area.
| Deadline for comment | ||
| ED ISRE 2400/2011 | ISRE 2400 (Revised), Engagements to Review Historical Financial Statements Click HERE download ED ISRE 2400/2011. | 24 March 2011 |
Comments may refer to any specific principles, paragraphs or group of paragraphs and suggestion for alternative solution or wording with supporting reasons. These comments will be collated and, where appropriate, incorporated into the proposed standard before being issued in the form of an Approved Standard on Review Engagements.
Comments should be submitted in writing and are to be received by the deadline.
Members can download the said exposure draft from the Institute's website at http://www.mia.org.my under the Professional Standards and Practices - Auditing and Assurance - Circulars link.
Please be guided accordingly.
No comments:
Post a Comment