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AUASB releases standards on review engagements
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The Auditing and Assurance Standards Board (AUASB) has released two new standards on review engagements:

  • ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity 
  • ASRE 2405 Review of Historical Financial Information Other than a Financial Report
With the issuance of the above two standards, the AUASB has completed its revision of the suite of Standards relating to review engagements of historical financial information. 
 
ASRE 2400 is developed for use by an assurance practitioner who is not the auditor of the entity and is directed towards the review of a financial report comprising historical financial information. ASRE 2405 addresses the remaining issue of the review of historical financial information that is not in the form of a financial report prepared in accordance with a financial reporting framework designed for fair presentation. 
 
The standards can be downloaded from the AUASB website. 
 
This article was taken from ANT34/2008 and is current up to 5 September 2008