The objective of this seminar is to provide examples on different approaches to completing and documenting compilation engagements. The material covers the current standards for compilation engagements and explores some best practice approaches that are being applied by practitioners. Various scenario based exercises are included in the material to assist participants in developing their understanding of the relevant standards and common issues. The course also provides a forum for practitioners to discuss the difficulties they have experienced and solutions that have worked for them.
By the end of this course, participants will be able to:
Identify the CPA handbook sections relevant to compilation engagements
Assess whether or not a compilation or an assurance engagement would be most appropriate for a particular client’s needs
Determine what is appropriate and what is not appropriate to disclose in compiled financial statements
Apply relevant CPA Code of Professional Conduct concepts such as association with false and misleading information and independence
Determine appropriate means of communication with compilation engagement clients
Assess what documentation is necessary to support a compilation engagement file
Overview of Compilation Engagements
Section 9100 and AuG-5
- AASB Compilation Engagements Project
- Engagement Acceptance, Independence
- Income Tax Return Preparation
- Compilation of a Financial Forecast or Projection
Engagement letters and other client correspondence
- Notice to Reader Report
- File documentation
- Tools and resources
- Retention of working paper files
Sample Compilation File
WHO WILL BENEFIT?
Experienced practitioners, and senior professional staff responsible for reviewing compilation engagements, who would like an overview of the practical issues of completing and documenting compilation engagements.
Time: 09:30am - 1:15pm
Passport - ½ Day