The Institute has lodged a joint submission to the Auditing and Assurance Standards Board (AUASB) in conjunction with CPA Australia and the National Institute of Accountants (NIA) in relation to ED4/07: Proposed Standard on Review Engagements ASRE 2400.  
 
The submission suggests that proposed ASRE 2400 would be more appropriately issued as two separate Standards on Review Engagements by separating Parts A and B. It is believed that this would greatly simplify matters for assurance practitioners by clarifying when to apply the Standard dealing with a review of financial reports, and the one dealing with a review of other historical financial information.  
 
Under these proposals, assurance practitioners will no longer use AUS 902 “Review of Financial Reports” but will use ASRE 2400 (Part A or B) or ASAE 3000 “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information”. 
 
ASRE 2400:

• Part A – to be used to review an interim financial report (by a practitioner who is not the auditor of the entity) 
  
• Part A – to be used to review a financial report for a period of 12 months or more 
  
• Part B – to be used to review historical financial information other than a financial report

• To be used for assurance engagements, including reviews, other than those of historical financial information