Update No. 124 - Hong Kong Institute of Certified Public Accountants

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ENGAGEMENTS TO REVIEW HISTORICAL FINANCIAL STATEMENTS HONG KONG STANDARD ON REVIEW ENGAGEMENTS 2400 (REVISED) ENGAGEMENTS TO REVIEW HISTORICAL FINANCIAL STATEMENTS (Effective for reviews of financial statements for periods ending on or after 31 December 2013) INTRODUCTION CONTENTS Paragraph Scope of this HKSRE ........................................................................................................... 1–4 The Engagement to Review Historical Financial Statements .............................................. 5–8 Authority of this HKSRE ....................................................................................................... 9–12 Effective Date ....................................................................................................................... 13 OBJECTIVES ....................................................................................................................... 14–15 DEFINITIONS ...................................................................................................................... 16–17 REQUIREMENTS Conduct of a Review Engagement in Accordance with this HKSRE ................................... 18–20 Ethical Requirements ........................................................................................................... 21 Professional Skepticism and Professional Judgment .......................................................... 22–23 Engagement Level Quality Control ...................................................................................... 24–28 Acceptance and Continuance of Client Relationships and Review Engagements ............... 29–41 Communication with Management and Those Charged with Governance ......................... 42 Performing the Engagement ................................................................................................ 43–57 Subsequent Events .............................................................................................................. 58–60 Written Representations ....................................................................................................... 61–65 Evaluating Evidence Obtained from the Procedures Performed .......................................... 66–68 Forming the Practitioner's Conclusion on the Financial Statements ................................... 69–85 The Practitioner's Report ..................................................................................................... 86–92 Documentation ..................................................................................................................... 93–96 Conformity and Compliance with International Standards on Review Engagements … 97-98 APPLICATION AND OTHER EXPLANATORY MATERIAL Scope of this HKSRE ........................................................................................................... A1–A5 The Engagement to Review Historical Financial Statements .............................................. A6–A7 © Copyright 3 HKSRE 2400 (Revised)
ENGAGEMENTS TO REVIEW HISTORICAL FINANCIAL STATEMENTS Objectives ............................................................................................................................. A8–A10 Definitions ............................................................................................................................. A11–A13 Conduct of a Review Engagement in Accordance with this HKSRE ................................... A14 Ethical Requirements ........................................................................................................... A15–A16 Professional Skepticism and Professional Judgment .......................................................... A17–A25 Engagement Level Quality Control ...................................................................................... A26–A33 Acceptance and Continuance of Client Relationships and Review Engagements .............. A34–A62 Communication with Management and Those Charged with Governance ......................... A63–A69 Performing the Engagement ................................................................................................ A70–A99 Written Representations ....................................................................................................... A100–A102 Evaluating Evidence Obtained from the Procedures Performed .......................................... A103–A105 Forming the Practitioner's Conclusion on the Financial Statements ................................... A106–A117 The Practitioner's Report ..................................................................................................... A118–A144 Documentation ..................................................................................................................... A145 Appendix 1: Illustrative Engagement Letter for an Engagement to Review Historical Financial Statements Appendix 2: Illustrative Practitioners' Review Reports Hong Kong Standard on Review Engagements (HKSRE) 2400 (Revised), Engagements to Review Historical Financial Statements, should be read in conjunction with the Preface to the Hong Kong Standards on Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements. © Copyright 4 HKSRE 2400 (Revised)
Page 1 and 2: Document Reference and Title VOLUME
Page 3 and 4: HKSRE 2400 is updated to reflect th
Page 5 and 6: HKSA 402 (Clarified) HKSA 450 (Clar
Page 7 and 8: Issue/Review date PN 810.2 The duti
Page 9 and 10: GLOSSARY OF TERMS Public sector - N
Page 11 and 12: HONG KONG FRAMEWORK FOR ASSURANCE E
Page 13 and 14: HKSA 210 Issued June 2009; revised
Page 15 and 16: HKSA 260 Issued June 2009; revised
Page 17 and 18: PLANNING AN AUDIT OF FINANCIAL STAT
Page 19 and 20: HKSA 315 (Revised) Revised July 201
Page 21 and 22: IDENTIFYING AND ASSESSING THE RISKS
Page 23 and 24: THE AUDITOR’S RESPONSES TO ASSESS
Page 25 and 26: HKSA 610 (Revised) Revised July 201
Page 27 and 28: USING THE WORK OF INTERNAL AUDITORS
Page 29 and 30: HKSRE 2400 Issued June 2005, Revise
Page 31: COPYRIGHT ENGAGEMENTS TO REVIEW HIS
Page 35 and 36: ENGAGEMENTS TO REVIEW HISTORICAL FI
Page 39 and 40: Monitoring ENGAGEMENTS TO REVIEW HI
Page 41 and 42: Agreeing the Terms of Engagement EN
Page 49 and 50: Form of the Conclusion ENGAGEMENTS
Page 67 and 68: Recurring Engagements (Ref: Para. 3
Page 79 and 80: Scope Limitations ENGAGEMENTS TO RE
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ENGAGEMENTS TO REVIEW HISTORICAL FI
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Illustrative Review Reports (Ref: P
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ASSURANCE REPORTS ON CONTROLS AT A
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Definitions COMFORT LETTERS AND DUE
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COMFORT LETTERS AND DUE DILIGENCE M
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Addressees COMFORT LETTERS AND DUE
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Example 1 - Hong Kong Public Equity
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Changes in Financial Position 33,34
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Selected Financial Information COMF
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Accounting Matters”) as to whethe
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SPECIAL CONSIDERATIONS IN AUDITING
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SPECIAL CONSIDERATIONS IN AUDITING
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Update No. 124 - Hong Kong Institute of Certified Public Accountants

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