CSRE 2400 is the new review engagement standard for historical financial statements and other financial information.
Replacing the current guidance, CSRE 2400 is effective for financial statements with periods ending on or after December 14, 2017.
Your firm’s ability to adopt the new CSRE 2400 standards depends on a number of factors. Here are two key factors to consider as you plan the transition:
- The experience of your team. Be sure to consider the knowledge level of your staff members that are involved with review engagements. Because there will be a significant administrative change with the transition to CSRE 2400, you want to make sure your team is equipped to smoothly navigate the transition.
- The availability of firm and external resources. From internal resources like staff and time to external resources like training courses and the Professional Engagement Guide (to be released), it’s important to understand what supporting resources are available to you. Currently, the CSRE 2400 finalized standard is available in the CPA Canada Handbook. This is a great place to start.
There are many things to consider when transitioning to the new CSRE 2400 standard. By starting to think about key factors like team experience and supporting resources, you’ll set your firm up for success.
Learn more about training your team for CSRE 2400. Download Clearline Consulting’s Special Report: CSRE 2400: The New Review Engagement Standard – When is the Right Time to Train? Click here to download.