The International Auditing and Assurance Standards Board (IAASB) has launched a public consultation on proposed revisions to International Standard on Review Engagements (ISRE) 2410, which governs how independent auditors review interim financial information.
This is the first full-scale revision of the interim review standard since it was introduced in 2005.
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The update is intended to reflect shifts in global markets and developments in audit and assurance approaches over the past 20 years.
IAASB chair Tom Seidenstein said: “Interim financial information, such as quarterly and semi-annual reporting, plays an important role for investors.
“These proposals seek to reinforce confidence in interim review engagements by clarifying expectations, strengthening consistency in practice and improving communication to users.”
A key element of the proposed changes is a more precise description of the nature and scope of an interim review, and a clearer distinction between a review engagement and a full audit of financial statements.
The proposals also expand requirements in areas seen as critical to the public interest including going concern, fraud, and non-compliance with laws and regulations.
The IAASB is seeking to make the interim review report more informative, with greater transparency about the work undertaken.
Additional suggested revisions address engagement-level quality management, how materiality should be set and applied for planning and performing interim reviews, and the treatment of group interim review engagements.
In preparing the draft, the IAASB worked closely with the International Ethics Standards Board for Accountants (IESBA) so that the revised requirements are aligned with ethical expectations for interim review work.
The consultation also invites comments on two specific questions about how the IESBA Code of Ethics should operate in the context of interim reviews.
Stakeholders are being asked to consider the proposals and share their views using the response form available on the IAASB website.
Comments on the exposure draft are requested by 3 September 2026.
