Using extracts of a review engagement file for a fictitious entity, as well as examples and exercises, this course allows the participants to deepen their knowledge of the requirements of CSRE 2400 and to benefit from practical advice to apply them properly.

This course takes the participants through the various stages of a review engagement. It highlights specific areas where professional judgment and skepticism are necessary. It demonstrates the use of professional judgment through various examples and exercises. It includes the use of selected Professional Engagement Guide (PEG) forms to demonstrate the documentation requirements of CSRE 2400.

Topics Include:

• Preliminary Considerations
  • Acceptance or continuance of the engagement 
• Planning 
  • Understanding the entity and its environment 
  • Materiality 
  • Identifying areas in the financial statements where material misstatements are likely to arise 
• Implementation of the Engagement     
  • Work required (responsibilities) related to inquiry 
  • Analytical procedures 
  • Specific topics 
• Evaluation and Conclusion 
  • Responsibility of the partner 
  • Determining the engagement report 
  • Communication with management and/or those charged with governance 
  • Assembly, maintenance and retention of engagement documentation

NOTE: This course description has been revised and reflects updates for 2024. If you have any questions, please contact pdevents@cpaontario.ca.

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By the end of this course, participants should be able to:

• Describe the areas of professional judgment when accepting or continuing a review engagement.
• Consider the components of planning an engagement and their effect on the execution phase.
• Identify areas in the financial statements where material misstatements are likely to arise.
• Develop strategies for key steps of the engagement for specific file sections.
• Identify specific issues related to the implementation of the requirements.
• Describe the requirements for completion of the file.
• Describe the requirements of CSQM 1 for review engagements.
• Describe the documentation considerations of the above areas.