You’ve likely heard all about it by now – the new review engagement standard for historical financial statements and other financial information.
CSRE 2400 will come into effect for financial statements with periods ending on or after December 14, 2017.
As we inch closer to this date, it’s essential to think about creating a transition plan for your firm.
- Administrative Changes May Be Time Consuming – Your firm’s review engagement templates, whether internally created or based upon third party checklists, will need to be updated. This includes all correspondence, including letters, as well as the new review engagement report.
- Timing Could be Tough – The planning and fieldwork for a firm’s first engagements under the new standard is likely to begin sometime between February to May 2018. Being tax season, many firms will face strains on their resources during this time. As such, it’s important to finalize supporting resources by January 2018.
- Implementation May Be Tricky – Change can be hard even for the most seasoned among us. Implementing your CSRE 2400 transition plan requires thought and care as it’s where the greatest inefficiency can occur. It will be important to think about the training approach and timing that’s most relevant to your firm.
When it comes to transitioning to CSRE 2400, the sooner you can start thinking about your plan, the better. From administrative changes to timing to implementation, there are a number of considerations to take into account.
Looking for more strategies and timing recommendations to help your firm navigate and complete training 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 the report.