ISRE (Revised),. Engagements to Review. Historical Financial. Statements. Basis for Conclusions. Prepared by the Staff of the IAASB. September International Standard on Review Engagements (ISRE) , “Engagements to. Review Financial Statements” should be read in the context of the “Preface to. ISRE (Revised), Engagements to Review Historical Financial Statements. REQUEST FOR COMMENTS The International Auditing and Assurance.

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Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of accounting standards.

Review Report | Bayer Interim Report Third Quarter

An assurance review engagement is therefore a flexible and proportionate service which can be adapted to suit different clients. Companies only We confirm that the [company] was isrd to exemption under section [x] of the Companies Act from the requirement to have its financial statements for the financial year ended [date] audited.

An increasing number of companies are entitled to take advantage of exemption from audit. The procedures selected will depend on what we revlsed necessary applying our professional judgement, based on our understanding of the [company] [limited liability partnership] and its environment, and our understanding of [applicable financial reporting framework] and its application in the context of your [company] [limited liability partnership].

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Any other matters relevant to the financial statements that have been represented by management. A review of financial statements in accordance with ISRE Revised is a limited assurance engagement.

This includes reduced disclosures for the individual accounts of qualifying entities and for entities qualifying as small entities; and. Under some circumstances for example, special purpose financial statements it may be possible to identify in advance all the third parties who will have access to the financial statements, and therefore to the assurance review report.

This is in addition to the general duties required reviised directors under s. The Management Board is also responsible for such internal control as the Management Board determines is necessary to enable the preparation of condensed interim consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Review Report

References in the subsequent sections of this technical release are as follows: Where it is necessary to issue a modified conclusion, the illustrative assurance review report in Appendix 4 can be modified in the same way shown in Appendix 2 of the ISRE Revisedwhere examples 2—5 can be applied to modify example 1 as follows: The financial statements of micro-entities are presumed in law to give a true and fair view even though Section 3A of the Companies Act expressly prohibits the auditor from requiring additional disclosures that would normally be considered necessary to give a true and fair view where these go beyond the minimum disclosures required by the Companies Act Additional wording to be included in the letter of engagement if a practitioner wishes to limit their liability in respect of a claim.

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Our conclusion, if unmodified, will be in the form: When all the third parties can be identified, the accountant may seek to manage their risk with a tri- partite or multi-partite engagement contract with the client and the third parties.

We train, develop and support each one of them so that they have the knowledge and values to help build local and global revied that are sustainable, accountable and fair. Any other information relevant to the financial statements that has been represented by management.

Example extracts to include in an engagement letter can be found in Appendix 1. An extract is as follows:. This will make it impossible to restrict who has access to them, and it will therefore not be possible to avoid risk by means of a contract.

Based on our review, no matters have come to our attention that cause us to presume that the interim group management report has not been prepared, in all material respects, in accordance with the requirements of the WpHG applicable to interim group management reports.

Any decision as to whether, and to what extent, these methods of assurance should be used is a matter of professional judgement.

We have reviewed the financial statements of XYZ Limited for the year ended [date], which comprise the [specify the titles of the primary statements] and notes to the financial statements, including a summary of significant accounting policies. We will also perform additional procedures if we become aware of matters that cause us to believe the financial statements as a whole may be materially misstated.

An assurance review engagement could focus on the known risk areas.

TECH 09/13AAF (Revised) – Assurance Review Engagements on Historical Financial Statements (2018)

In summary, the options available are:. We have provided to you irse other information requested and given unrestricted access to persons within the entity from whom you have deemed it necessary to ………………….


Yours faithfully Signed on behalf of the board of directors 24000 Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the izre for that period. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing UK. All transactions undertaken by the ………………….

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:.

Instead, factual procedures sample tests of particular revied, for example are agreed revisee between the business and its chartered accountant. Example wording is set out in Appendix 5. Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared: ISRE Revised requires the chartered accountant to make enquiries of management, and others, and to carry out analytical procedures to gain a degree of assurance that:.

In summary, the options available are: An agreed-upon procedures engagement does not lead to a conclusion over the information as a whole.


It is possible to apply the principles of ISRE Revised to financial statements for entities which do not have to comply with a recognised GAAP but which do follow accepted accounting principles eg, Trust accounts.

An extract is as follows: We’ve been at the heart of the accountancy profession since we were founded in to ensure trust in business. That revixed, we can be sure that we are building robust, accountable and fair economies across the globe. These principles also apply to a chartered accountant conducting an assurance review engagement and equivalent changes to those made in an audit report for micro-entities are made to the assurance review report for micro-entities.

The chartered accountant needs to be satisfied that the accounting policies provide sufficient detail as to the accounting basis and policies adopted and that jsre is sufficient information disclosed within the financial statements for purpose of the users of the financial statements.