The International Federation of Accountants has released a Guide to Compilation Engagements to help accountants in small and midsize practices.
The new guide explains how to conduct compilation engagements in compliance with ISRSTM 4410 (Revised), an International Standard on Related Services developed exclusively by the International Auditing and Assurance Standards Board, which operates under the auspices of IFAC.
“The regulatory environment is changing,” said IFAC SMP Committee chair Giancarlo Attolini in a statement. “As a result, increasingly small- and medium-sized entities may now be able to choose from an array of assurance and related services to meet their needs. Accounting practices, especially SMPs that typically serve SMEs, need to be prepared to help their clients navigate this choice, while being prepared to meet clients’ changing demands. The guide can help practitioners increase their knowledge and understanding of compilation engagements, thus broadening their service offerings and strengthening their practices in this important area.”
Practitioners can use the guide as an introduction to compilation engagements, to deepen their prior understanding and knowledge, as a day-to-day reference guide, or as the basis for training modules. The guide includes guidance on the application of the requirements in the standard and “Consider Points,” which offer suggestions to facilitate efficiency and address areas where practitioners often encounter difficulties.
Along with illustrative examples and relevant extracts from the standard, the guide also includes appendices with key checklists and forms that practitioners can use as is or modify to meet the requirements of their specific jurisdiction.
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