Until 2015 the templates were based on RS-1 and RG-1 but with the new Standards applicable for y/e 31/12/2014 and onwards we releasing a new suite of Review Templates.
Review Base Version (ISRE (NZ) 2400):
ISRE (NZ) 2400 Review by an Assurance Practitioner (Not Auditor) forms the foundation for the other templates. Its release date is 30 January 2015.
Review - ISRE (NZ) 2400 - Tier 3 PBE is based on the above but has specific checklists and reports for jobs prepared in term of the PBE SFR - A (NFP) standard.
Review - ISRE (NZ) 2400 - Tier 4 PBE is also based on the above but has specific checklists and reports for jobs prepared in term of the PBE SFR - C (NFP) standard.
(Note that there is a second review standards - NZ SRE 2410 - Review of Financial Statements Performed by the Independent Auditor of the Entity - we have not prepared a template for this as it normally only relates to interim reviews for audit job - something only done rarely.)
The main differences between the new Review Templates and the older RS/G-1 templates are as follows:
- They use our new style fixed references, multi-choice, yes/no layout which will be familiar to those who use the Base Audit Template and derivatives.
- They incorporate built-in documents for engagement letter, confirmations, management letter, representation letter and reports.
- The focus of the new standards is on identifying material or potentially material items and designing appropriate tests in terms of analytical review, enquiry and substantive testing if necessary. We have used a similar style to the Audit Template use for Risk identification (flagging items) then on the planning page tests are added to these material or potentially material items. Lead schedules have a series of tools to assist with these tests. These include analytical review specific to the section, confirmation letters for use where needed, and substantive testing tools if required. The older templates had all analytical review in one section.
- The new templates incorporate our Regime Selector Tool pages - for checking that the regime chosen by the client is acceptable. There is no additional cost for this content - it is included in the cost of the Review job.
- The new template sticks closely to all the requirements of ISRE (NZ) 2400, cross referencing and adapting the wording into a narrative that guides the reviewer in a logical series of steps ensuring a thorough, efficient Review in completed.
- The specific Tier 3 and 4 PBE templates include checklists for all the special purpose reporting requirements of these types of job.
The new Review Standards apply for jobs with years ending on or after 31 December 2014, but early adoption is permitted (and we recommend this). As with the Base Audit templates the new Review Templates are completely re-structured so although jobs may be upgraded from the old style review templates this will only bring across the trial balance from the previous year.