Company interim financial reports provide decision useful information to a variety of their users. The debate surrounding the issue of independent auditor involvement with such reports started in the 1960's in the USA and is ongoing internationally. Today the general trend is that when auditor involvement is required, it takes the form of a review of the interim results. In South Africa, also, the auditor review of company interim reports has undergone major developments and change. The objective of this paper is firstly to determine through examination of the history of developments regarding the auditor review of interim financial information, the factors, issues and considerations which influenced current South African practice and secondly to identify the implications thereof for the auditing profession. Specific emphasis is placed on how relevant events/developments reflect on the standard setting process. The discourse presented herein supports a conclusion that present practice in respect of auditor reviews of company interim financial information in South Africa is the result of a deficient standard setting process which, in the main, fails to recognise and implement the defined principles of sound and socially acceptable standard setting. The auditing profession's ignorance of these principles will continue to foster deficient standards which are rejected by the users of auditing services and which marginalise the role and functions of the external auditor.