International Standard on Review Engagements (ISRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, was originally written to be applicable for reviews of interim financial information conducted by an entity’s auditor, under the premise that the entity's auditor is able to use audit-based knowledge of the entity when carrying out such reviews. The International Auditing and Assurance Standards Board (IAASB) did not intend to eliminate auditor's reviews of historical financial information (other than interim financial information) from the scope of this ISRE, and therefore recently amended ISRE 2410 so that it also applies to reviews of historical financial information other than interim financial information conducted by an entity’s auditor.
ISRE 2400, Engagements to Review Financial Statements, applies to all reviews of historical financial information excluding those conducted by the entity's auditor, but may be applied "to the extent practicable" to engagements to review other information. To align the application of ISRE 2400, ISRE 2410, and International Standard on Assurance Engagements 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information, the IAASB has amended ISRE 2400 to restrict its application only to a review of any historical financial information performed by a practitioner who is not the entity's auditor.
The amendments are effective immediately, and are available in full at http://www.ifac.org/store.
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