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International Standard on Review Engagements – ISRE 2410

OCH Blog Norma Internacional de Encargos de Revisión – NIER 2410

Este contenido es producido por OCH Group, Independent Member de GGI en Colombia.

The International Standard on Review Engagements (ISRE) 2410 is crucial in the context of auditing, as it establishes the principles and procedures to be followed when engaging and carrying out a review of financial information, such as interim financial information. This standard is essential to ensure the quality and integrity of financial information, which in turn contributes to informed decision-making by the users of such information. ISRE 2410 provides detailed guidance on the auditor's responsibility in relation to the review of financial information, the procedures to be followed during the review, the necessary documentation, and communications with the audited entity. Compliance with this standard ensures that the review is conducted in an objective, ethical, and professional manner, thereby enhancing confidence in the financial statements and in the overall auditing process.

Author: Yovan Alfredo Saavedra Cabrejo

 

The purpose of this International Standard on Review Engagements (ISRE) is to establish standards and provide guidance on the auditor’s professional responsibilities when the auditor undertakes an engagement to review interim financial information of an audit client, and on the form and content of the report. The term “auditor” is used throughout this ISRE, not because the auditor is performing an audit function but because the scope of this ISRE is limited to a review of interim financial information performed by the independent auditor of the financial statements of the entity.

The objective of an engagement to review interim financial information is to enable the auditor to express a conclusion whether, on the basis of the review, anything has come to the auditor’s attention that causes the auditor to believe that the interim financial information is not prepared, in all material respects, in accordance with an applicable financial reporting framework. The auditor makes inquiries, and performs analytical and other review procedures in order to reduce to a moderate level the risk of expressing an inappropriate conclusion when the interim financial information is materially misstated.

A review, in contrast to an audit, is not designed to obtain reasonable assurance that the interim financial information is free from material misstatement. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review may bring significant matters affecting the interim financial information to the auditor’s attention, but it does not provide all of the evidence that would be required in an audit.

 

In conclusion, the International Standard on Review Engagements (ISRE) 2410 is essential in the field of auditing as it establishes the principles and procedures necessary to carry out a review of financial information, thus ensuring its quality and integrity. Compliance with this standard ensures an objective, ethical, and professional review, strengthening confidence in the financial statements and the auditing process in general, although it does not seek to obtain reasonable assurance about the absence of significant errors in the interim financial information.

 

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Si este tema es de tu interés, requieres este servicio o nuestra asesoría, contacta al experto. Llámanos en Medellín al 6042666474 o vía Whatsapp al 3012085777.