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The benefits of review engagements

An internationally-recognised assurance review engagement on historical financial statements can benefit clients and practitioners, as Phil Cowperthwaite outlines.

Professional accountants in practice are frequently regarded as trusted business advisers. This relationship stems from their significant breadth of business experience combined with detailed knowledge of their clients’ businesses, much of which is obtained in the process of performing assurance engagements on their clients’ financial statements. Professional accountants are in a unique position to add value, both in enhancing the credibility of their clients’ financial statements, and being able to provide them with tailored business advice. 

The International Auditing and Assurance Standards Board (IAASB) has issued the International Standard on Review Engagements (ISRE) 2400 (Revised) Engagements to Review Historical Financial Statements which is effective for periods ended on or after 31 December 2013. Review engagements provide a limited form of assurance on historical financial statements and may be a cost-effective and value-adding alternative when an audit is not required... 

This is an extract from an article in the November 2014 edition of Audit & Beyond, the magazine of the Audit and Assurance Faculty. 

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