The Council of the Institute in its 190th meeting held on July 26, 2007 has decided to adopt the International Standard on Review Engagement (ISRE) 2410 ‘Review of Interim Financial Information Performed by the Independent Auditor of the Entity’.

This ISRE is effective for reviews of interim financial information for periods beginning on or after the date of Council’s adoption i.e. July 26, 2007. However, earlier compliance of the ISRE is permissible.

As the format of Review Report on Interim Financial Information is under consideration of the appropriate Committee of the Institute therefore until such format is issued, members are advised to take guidance from the examples of the review reports referred to in the ISRE.

The standard is available in the ‘Handbook of International Auditing and Assurance Pronouncements and Code of Ethics for Chartered Accountants’ published by the Institute. The above document can also be downloaded from ICAP website using the following link:

http://www.icap.org.pk/userfiles/file/circular-02-2008.pdf