Review Engagements: Specific Topics

Review Engagements: Specific Topics
Distance Learning (DL) courses are sessions that have been recorded from live, in-person offerings and made available as on-demand videos online, along with any corresponding course materials. Note these are purely self-study products and there will be no access to instructors for questions and answers. Each title qualifies for verifiable CPD hours upon successful completion of a quiz at the end of the session. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this, you will no longer have access to the quiz.

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Recorded: October 2021 

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Drawing upon common deficiencies found nationally in practice inspections, this course will show participants how to quickly identify incomplete review engagement documentation and apply the necessary changes to resolve outstanding issues. In order to enhance the practical nature of the seminar, the material includes various exercises and examples of review engagement documentation. This seminar focuses on specific topics, and does not provide comprehensive coverage of the Canadian Standard on Review Engagements (CSRE 2400).

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

  • Identify the common deficiencies in applying CSRE 2400 as noted by the various provincial practice inspection programs.
  • Determine the appropriate level of documentation for understanding the entity and its environment and identifying areas of the financial statements that are likely to be materially misstated.
  • Link the assessed areas of likely material misstatement to appropriate review engagement procedures.
  • Develop and perform appropriate analytical procedures and meet the documentation requirements of the standard.
  • Better document inquiries and discussions with the client by demonstrating professional skepticism.
  • Determine when it may be appropriate to perform additional procedures in accordance with the standard.

Topics covered in this course include:

  • An overview of the documentation requirements Common CSRE 2400 application and documentation deficiencies noted by provincial CPA practice inspection programs
  • Tips for addressing common deficiencies, such as documenting client/engagement acceptance/continuance, assessment of independence, assessment of the need for EQCR, use of the correct review engagement report, and dating of the report
  • Understanding of the entity and its environment using alternative approaches to documenting the client’s accounting systems
  • Identification of areas in the financial statements where material misstatements are likely to arise and linking them to the planned review procedures
  • The design and documentation of appropriate analytical procedures for revenue, inventory, cost of sales, and payroll
  • The performing of additional procedures, such as cut-off procedures, confirmations, and substantive testing of details

Participants should have good knowledge of the CSRE 2400 – Review Engagements Standards and their application.

This session is designed for practitioners and engagement staff who are conducting review engagements under CSRE 2400.

CPD-7 Hours

4/1/2022 - 3/31/2023 11:59 PM