Includes: Scope of this Auditing Standard, The Engagement to Review Historical Financial Statements , Authority of this ASRE , Effective Date

Scope of this Auditing Standard


This Standard on Review Engagements (ASRE) deals with: (Ref: Para. A1)

  1. The assurance practitioner’s responsibilities when engaged to perform a review of historical financial statements, when the assurance practitioner is not the auditor of the entity’s financial statements; and
  2. The form and content of the assurance practitioner’s report on the financial statements.


This ASRE does not address a review of an entity’s financial statements or interim financial information performed by an assurance practitioner who is the independent auditor of the entity’s financial statements (Ref: Para. A2)[*]


[Deleted by the AUASB. Refer Aus 3.1]

Aus 3.1

Reviews of other historical financial information are performed under ASRE 2405.[#]  Limited assurance engagements other than reviews of historical financial information are performed under ASAE 3000.[1]

Relationship with ASQC 1[2]


Quality control systems, policies and procedures are the responsibility of the firm. ASQC 1 applies to firms of assurance practitioners in respect of a firm’s engagements to review financial statements.[3] The provisions of this ASRE regarding quality control at the level of individual review engagements are premised on the basis that the firm is subject to ASQC 1. (Ref: Para. A3–A5)

The Engagement to Review Historical Financial Statements


The review of historical financial statements is a limited assurance engagement, as described in the Framework for Assurance Engagements (the Assurance Framework).[4] (Ref: Para. A6–A7)


In a review of financial statements, the assurance practitioner expresses a conclusion that is designed to enhance the degree of confidence of intended users regarding the preparation of an entity’s financial statements in accordance with an applicable financial reporting framework. The assurance practitioner’s conclusion is based on the assurance practitioner obtaining limited assurance. The assurance practitioner’s report includes a description of the nature of a review engagement as context for the readers of the report to be able to understand the conclusion.


The assurance practitioner performs primarily enquiry and analytical procedures to obtain sufficient appropriate evidence as the basis for a conclusion on the financial statements as a whole, expressed in accordance with the requirements of this ASRE.


If the assurance practitioner becomes aware of a matter that causes the assurance practitioner to believe the financial statements may be materially misstated, the assurance practitioner designs and performs additional procedures, as the assurance practitioner considers necessary in the circumstances, to be able to conclude on the financial statements in accordance with this ASRE.

Authority of this ASRE


This ASRE contains the objectives of the assurance practitioner in following the ASRE which provide the context in which the requirements of this ASRE are set, and are intended to assist the assurance practitioner in understanding what needs to be accomplished in a review engagement.


The ASRE contains requirements, expressed using “shall,” that are designed to enable the assurance practitioner to meet the stated objectives.


In addition, this ASRE contains introductory material, definitions, and application and other explanatory material, that provide context relevant to a proper understanding of the ASRE.


The application and other explanatory material provides further explanation of the requirements and guidance for carrying them out. While such guidance does not itself impose a requirement, it is relevant to the proper application of the requirements. The application and other explanatory material may also provide background information on matters addressed in this ASRE that assists in the application of the requirements.

Effective Date


[Deleted by the AUASB.  Refer Aus 0.2]


See Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity, as amended.


See Standard on Review Engagements ASRE 2405 Review of Historical Financial Information Other than a Financial Report.


Standard on Assurance Engagements ASAE 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial Information.


Standard on Quality Control ASQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Reports and Other Financial Information, and Other Assurance Engagements, as amended.


See ASQC 1, paragraph Aus 0.1.


See Framework for Assurance Engagements, paragraphs Aus 7.5 and 11.