Course Details

Course Name: Review Engagements – Applying the New Standard CSRE 2400
CPD hours: 3
Type: Online
Price: $179

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, which is effective for periods ending on or after December 14, 2017. Each stage of the review engagement will be considered, from planning to issuance of the practitioner’s report, including a detailed examination of changes relative to the former standards. Practical tools will be used to illustrate examples of documentation, included some insight into the updated Canadian Professional Engagement Manual (C-PEM) guidance for review engagements.

Scenario 1
Scenario 1 - Debrief
Engagement Hierarchy
Why a Review Engagement
Review Engagement Road Map
Standards Overtime
Need for Change
Obtaining Limited Assurance
Plausibility vs Limited Assurance
Transition to CSRE 2400 - 1
Transition to CSRE 2400 - 2
What Standards Should I Use - Pt 1
Overriding Requirements
Professional Skepticism
Professional Judgement
Quality Control
Planning, Performing, Reporting
Phase 1 - Planning
Scenario 2
STEP 1 - Perform Client Acceptance or Continuance Procedures
Step 1 - Perform Client Acceptance or Continuance Procedures
5 Key Points in Performing Client Acceptance or Continuance Procedure
A. Address Initial Consideration
B. Evaluate the Ethical Requirements
C. Establish the Preconditions
D. Obtain an Engagement Letter
Evaluate the Ethical Requirements
Initial Engagement
Case Study
STEP 2 - Plan the Engagement
Step 2 - Plan the Engagement
5 Key Points in Planning the Engagement
A. Determine Overall Materiality
Use of Materiality
Case Study - Determine Materiality - 1
Case Study - Determine Materiality - 2
Understanding of the Entity
B. Steps to Understanding the Entity
Form R2-05-1 - Area of Focus
Excerpt from Form 2-05-1 - General
Form R2-05-1 - Area of Focus - 1
Form R2-05-1 - Area of Focus - 2
PEG Form R2-05-02 - Area of Focus - 1
PEG Form R2-05-02 - Area of Focus - 2
Estimates Example
C. Identify Material Financial Statement Areas and Disclosures
D. Perform Preparatory Procedures
E. Prepare the Engagement Plan
Planned Procedures
Developing Analytical Procedures
Management Assistance
STEP 3 - Perform Procedures
Step 3 - Perform Procedures
Example - Additional Procedures
Developing Analytical Procedures
Good Inquiries
The PROUD Approach
Learn to Ask Great Questions
Other Consideration
Estimate Inquiries
Management Bias
Related Parties
Related Parties - Inquiries
Fraud Risk - Considerations
Contingencies and Non-Compliance
Significant, Unusual or Complex Transactions
Going Concern
Other Required Inquiries
Professional Skepticism
Scenario 6
Apply Professional Skepticism
Scenario 7
STEP 4 - Evaluate Evidance Obtained
Step 4 - Evaluate Evidance Obtained - 1
Reviewing the Work Performed
Review Documentation
Step 4 - Evaluate Evidance Obtained - 2
Step 4 - Evaluate Evidance Obtained - 3
Identified Misstatements
Phase 3 - Reporting
STEP 5 - Form a Conclusion
Step 5 - Form a Conclusion
5 Key Points in Forming a Conclusion
A. Evaluate the F/S
Accounting Framework
Understandable, Relevant, Reliable and Comparable
Significant Accounting Policies
Management Judgments
Related Parties
Line Item Breakdowns
Subsequent Events
B. Communicate with Management
C. Obtain Written Representation - 1
C. Obtain Written Representation - 2
D. Complete the Final Consideration
E. Determine the Engagement
Example on Materiality - 1
Example on Materiality - 2
Solution to Materiality
E. Determine the Engagement Conclusion
Forming a Conclusion
Modified Conclusion
STEP 6 - Issue the Report
Step 6 - Issue the Report
A. Prepare the Engagement Report
Unqualified Report
Qualified Report
Other Paragraphs
B. Sign and Date the Report
Summary - Review Engagements