The Canadian Standard for Review Engagements CSRE 2400 applies to the reviews of historical financial statements (interim and annual) prepared following general-purpose and special-purpose reporting frameworks.
A review engagement CSRE 2400 enhances the intended readers' confidence about the financial statements.
In general, this enhanced confidence relates to whether the financial statements are free from material misstatements.
Misstatements, including omissions, are considered material if they (individually or in the aggregate) could reasonably be expected to influence the economic decisions of users when taken based on the financial statements.
LCA performs procedures and obtains evidence to form a conclusion on whether anything has come to the practitioner’s attention that causes the practitioner to believe that the financial statements are not prepared, in all material respects, following the applicable financial reporting framework.