In a review of a financial report the auditor or the assurance practitioner makes enquiries and performs analytical and other review procedures to enable the auditor to conclude whether, on the basis of the procedures performed, anything has come to the auditor’s attention that causes the auditor to believe that the financial report is not prepared (or presents fairly), in all material respects, in accordance with the applicable financial reporting framework.

The guidance in this Guidance Statement for planning an audit and audit evidence issues regarding an investment in an associate, applies, as appropriate, to the review of an investor’s financial report.

Where a review is conducted by the auditor of the entity, ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity applies. Where reviews are undertaken by assurance practitioners who are not the auditor of the entity ASRE 2400 Review of a Financial Report Performed by an Assurance Practitioner Who is Not the Auditor of the Entity applies. Both ASRE 2400 and ASRE 2410 contain illustrative procedures in the Appendices that may be helpful when completing review engagements.