MSUP 4410 (zmieniony), Usługi kompilacji: Elastyczny standard dla dzisiejszego środowiska biznesowego Phil Cowperthwaite FCA, Canada Krajowa Izba Biegłych Rewidentów November 6, 2012

Elastyczny standard dla zawodowego księgowego w praktyce MSUP 4410 (zmieniony) Elastyczny standard dla zawodowego księgowego w praktyce Dostosowany do szerokiego wachlarza usług nieatestacyjnych Zastosowanie do sprawozdań z kompilacji wydanych w dniu 1 września 2013 lub później Dozwolone wcześniejsze zastosowanie Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 In March 2012, the International Audit and Assurance Board’s standard, ISRS 4410 (Revised), Compilations Engagements, was approved with an effective date for compilation reports dated on or after September 1, 2013. The standard has the flexibility to be used by professional accountants in public practice for many engagements not requiring assurance to be provided on the reported information. The standard is set out in an easy-to-read format with the objectives, minimum requirements and application material to help practitioners clearly understand both what is required and provide useful guidance. In an ISRS 4410 (Revised) compilation engagement clients will benefit from the accounting and financial reporting expertise of an objective professional accountant tailored to the specific needs of the statement users and a clear report outlining the nature of the engagement. What the practitioner stands to benefit from are clearly communicated terms of engagement, the flexibility to deliver a meaningful service and, hopefully, satisfied clients. The standard emphasizes communication among statement users, management and practitioners at every turn to help ensure clarity of understanding. Here are some of the features you should know about:

ISRS 4410 (zmieniony) W trakcie prezentacji będę odwoływał się do postanowień standardu Gdzie znaleźć treść standardu: http://www.ifac.org/sites/default/files/publications/files/B012% 202012%20IAASB%20Handbook%20ISRS%204410%20(re vised).pdf [Google: ISRS 4410 IAASB] Participants are strongly urged to refer to the actual text of the standard itself.

Czym jest usługa kompilacji? Zawodowy księgowy z wiedzą ekspercką z zakresu rachunkowości i sprawozdawczości finansowej pomaga kierownictwu w sporządzeniu i zaprezentowaniu historycznych informacji finansowych [4410.17(b)] Praktyk nie dostarcza zapewnienia o charakterze rewizyjnym ale musi sporządzić sprawozdanie z kompilacji [4410.10] 4410.17(b) Compilation engagement – An engagement in which a practitioner applies accounting and financial reporting expertise to assist management in the preparation and presentation of financial information of an entity in accordance with an applicable financial reporting framework, and reports as required by this ISRS. Throughout this ISRS, the words “compile”, “compiling” and “compiled” are used in this context. 4410.01This International Standard on Related Services (ISRS) deals with the practitioner’s responsibilities when engaged to assist management with the preparation and presentation of historical financial information without obtaining any assurance on that information, and to report on the engagement in accordance with this ISRS. ------------------------------------------------------------------ Points to cover For the professional accountant in public practice, not for an itinerant CFO or internal accountant Practitioner does not assume responsibility for the compiled financial information This is not an assurance engagement – will deal with that later A report as required by the this standard MUST accompany the statements Practitioner may find the standard useful even if a report is not to be issued --------------------------------------------------------------- Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 When and why the standard is useful- In today’s business environment clients turn to professional accountants in public practice to provide financial reporting expertise in many different circumstances. Assistance with preparation of annual historical financial statements is one common example. ISRS 4410 provides the necessary flexibility for the practitioner to tailor the nature of the engagement to the needs of the users of the information and management. A key feature of a 4410 compilation engagement is that, while the practitioner assists management with the reporting of information, the practitioner is not required to verify the completeness or accuracy of the information provided by management. Even though this is not an assurance engagement, however, users will often take comfort from the participation by a professional accountant in the compilation of financial information. Users value the service. To help users of the compiled financial information understand the nature of the engagement, the standard requires that if a practitioner states compliance with ISRS 4410 (Revised) then a practitioner’s report in the form required by the standard must accompany the compiled information. The report required by ISRS 4410 (Revised) clearly identifies the compiled financial information, lays out the respective roles of management and the practitioner and states that no assurance is being given. This helps ensure that users of the financial information and management have a clear understanding of the nature of both the practitioner’s and management’s involvement in the engagement. Professional accountants in public practice may want to consider using this standard for all their compilation engagements, especially in those circumstances where users of the financial information and/or management may misunderstand the nature of the accountant’s involvement.

Co oznacza „kompilacja”? Znaczenie prostej angielszczyzny. Może przybierać wiele form - rozpoczęcie od pracy na informacjach dostarczonych przez klienta pomoc w osądach, wstępne sprawozdanie finansowe, czytanie i sporządzenie sprawozdania z kompilacji wstępne sprawozdanie finansowe, czytanie i sporządzenie sprawozdania z kompilacji tylko czytanie i sporządzenie sprawozdania z kompilacji [4410.A2] 4410.A2 - A practitioner’s involvement with services or activities in the course of assisting management of an entity with the preparation and presentation of the entity’s financial information can take many different forms. When the practitioner is engaged to provide such services or activities for an entity under this ISRS, the practitioner’s association with the financial information is communicated through the practitioner’s report provided for the engagement in the form required by this ISRS. The practitioner’s report contains the practitioner’s explicit assertion of compliance with this ISRS. ------------------------------------------------------------------ Bookkeeping would be a separate engagement as focus here is on practitioners expertise in accounting and financial reporting. Management could provide a fully complete set of draft statements. They need a report from a public accountant. More commonly, management provides a trial balance and practitioner prepares financial statements. Assistance with accounting judgments not a requirement but likely, calling on practitioner’s expertise.

Elastyczne ramy sprawozdawczości Ramy sprawozdawczości finansowej powinny być akceptowalne do warunków zlecenia. Oznacza to, że : kierownictwo akceptuje swoją odpowiedzialność za te ramy [4410.24(e)(1)] praktyk świadomy jest, że nieodpowiednie ramy sprawozdawczości mogą wprowadzać w błąd użytkowników [4410.31/32] ramy sprawozdawczości mogą być dowolne od opartych na zasadzie kasowej do MSRF  elastyczne dostosowanie do zleceń kompilacji 4410.24(e)(1) - The practitioner shall not accept the engagement unless the practitioner has agreed the terms of engagement with management…including… The responsibilities of management for: (i) The financial information, and for the preparation and presentation thereof, in accordance with a financial reporting framework that is acceptable in view of the intended use of the financial information and the intended users; ---------------------------------------------------------------------------- Discuss range of possible frameworks. Emphasize flexibility. A few examples of acceptable and unacceptable frameworks Discuss what management accepting responsibility might look like Discuss benefits of flexibility for the client and need for professional judgment -------------------------------------------------------------------------- Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 Flexibility in reporting compiled information- Today’s business environment makes a variety of financial reporting demands on management. Flexibility to use an appropriate basis of accounting to provide the rules of the road for the financial information reported is needed in situations where a generally accepted framework is not mandated. For annual financial reporting alone, clients’ needs can range from statements prepared using very comprehensive financial reporting frameworks such as IFRS, to much less sophisticated frameworks such as cash receipts and disbursements, possibly augmented with accrued receivables and payables. ISRS 4410 (Revised) allows for just this degree of flexibility. But it also requires the practitioner to ensure the basis of accounting is appropriate. Specifically, the practitioner is required to have a sufficient understanding of the entity and the basis of accounting to know if the basis of accounting is inappropriate for the engagement. Another of the requirements is that the financial information cannot be misleading. The end result is that the basis of accounting used in a 4410 (Revised) engagement will always be appropriate to the circumstances of the engagement. Because the nature of compilation engagements can vary so greatly there is no attempt in the standard to impose a one-size-fits-all approach for the basis of accounting selected. Where management is not required to use an established framework for reporting, ISRS 4410 provides practitioners with great flexibility to help clients select a framework that is appropriate for the users of the information. This scope does not, however, permit an anything-goes approach, but rather allows for a considered and flexible approach that will make the standard applicable in many situations.

Brak zapewnienia o charakterze rewizyjnym ale … Brak zapewnienia w kompilacji  praktyk nie musi weryfikować dokładności i kompletności kompilowanych informacji [4410.06] praktykowi nie zakazuje się jednak tej weryfikacji Jednak percepcja użytkowników często jest taka, że zapewnienie istnieje z uwagi na zaangażowania praktyka  sprawozdanie końcowe jest bardzo ważnym elementem usługi kompilacji 4410.06 - Since a compilation engagement is not an assurance engagement, a compilation engagement does not require the practitioner to verify the accuracy or completeness of the information provided by management for the compilation, or otherwise to gather evidence to express an audit opinion or a review conclusion on the preparation of the financial information. ----------------------------------------------------------------------------------- Discuss IESBA code Integrity requirements: 110.2 - A professional accountant shall not knowingly be associated with reports, returns, communications or other information where the professional accountant believes that the information: (a) Contains a materially false or misleading statement; (b) Contains statements or information furnished recklessly; or (c) Omits or obscures information required to be included where such omission or obscurity would be misleading. When a professional accountant becomes aware that the accountant has been associated with such information, the accountant shall take steps to be disassociated from that information. Discuss concept of no assurance given. When and why might a practitioner want to use some assurance techniques? Importance of the prescribed report laying out responsibilities of accountant and management. Discuss value added to user of accountant being involved with the financial information.

Czy kompilacja jest odpowiednia? Jeśli nie jesteśmy w stanie: zidentyfikować zamierzonych użytkowników i sposobu w jaki sprawozdania zostaną wykorzystane otrzymać potwierdzenia kierownictwa, że ponosi odpowiedzialność za skompilowane informacje wtedy kompilacja może być nieodpowiednia. Rozważmy usługi księgowe.

Kiedy kompilacja może być odpowiednia Sprawozdania statutowe gdy badanie lub przegląd nie są wymagane Sprawozdania na wewnętrzne potrzeby kierownictwa Sprawozdania wymagane warunkami umowy Sprawozdania są wymagane na potrzeby konkretnej transakcji [4410.09] Wiele innych okoliczności 4410.09 - Financial information that is the subject of a compilation engagement may be required for various purposes including: (a) To comply with mandatory periodic financial reporting requirements established in law or regulation; or (b) For purposes unrelated to mandatory financial reporting under relevant law or regulation, including for example: • For management or those charged with governance, prepared on a basis appropriate for their particular purposes (such as preparation of financial information for internal use). • For periodic financial reporting undertaken for external parties under a contract or other form of agreement (such as financial information provided to a funding body to support provision or continuation of a grant). • For transactional purposes, for example to support a transaction involving changes to the entity’s ownership financing structure (such as for a merger or acquisition). ----------------------------------------------------------------------- Discuss value added by practitioner’s involvement (accuracy, completeness, second guessing of judgments). Scoping out of engagements where reporting not required  not in this standard.

Jaki jest udział kierownictwa: Kierownictwo bierze odpowiedzialność za: Skompilowane informacje finansowe, wyniki osądów oraz wybór ramowych zasad sprawozdawczości Dokładność oraz kompletność informacji wykorzystanych w kompilacji [4410.07/24(e)/37] 4410.07 - Management retains responsibility for the financial information and the basis on which it is prepared and presented. That responsibility includes application by management of the judgment required for the preparation and presentation of the financial information, including the selection and application of appropriate accounting policies and, where needed, developing reasonable accounting estimates. 4410.24(e) - The responsibilities of management for: (i) The financial information, and for the preparation and presentation thereof, in accordance with a financial reporting framework that is acceptable in view of the intended use of the financial information and the intended users; (ii) The accuracy and completeness of the records, documents, explanations and other information provided by management for the compilation engagement; and (iii) Judgments needed in the preparation and presentation of the financial information, including those for which the practitioner may provide assistance in the course of the compilation engagement. 4410.37 - The practitioner shall obtain an acknowledgement from management or those charged with governance, as appropriate, that they have taken responsibility for the final version of the compiled financial information. -------------------------------------------------------------------------- Discuss what taking responsibility might look like. Why is it important? Segue into what the practitioner brings to the engagement…

Jaki jest wkład Praktyka #1 Praktyk powinien przestrzegać standardów etycznych, nie mniej restrykcyjnych od kodeksu etyki IESBA (IFAC) [4410.21/A19-21]  musi zachować obiektywizm, działać zgodnie z zasadami uczciwości, kompetencji, należytej staranności etc. ale: brak wymogu niezależności praktyka brak wymogu zachowania sceptycyzmu 4410.21 - The practitioner shall comply with relevant ethical requirements. 4410.A19 - Part A of the IESBA Code establishes the fundamental principles of professional ethics that practitioners must comply with, and provides a conceptual framework for applying those principles. The fundamental principles are: (a) Integrity; (b) Objectivity; (c) Professional competence and due care; (d) Confidentiality; and (e) Professional behavior. --------------------------------------------------------------------------- Stress significance of IESBA 110, Integrity, to the standard. How that relates to the ‘stumble across’ requirements later on. Why that provides added value for the users. Focus on not being associated with materially false or misleading info etc. Explain why independence not a requirement. What are implications?

Jaki jest wkład Praktyka #2 Praktyk musi zapewnić kontrolę jakości na poziomie zlecenia [4410.23] Praktyk musi przestrzegać zasad kontroli jakości na poziomie firmy [ISQC1] 4410.23 - The engagement partner shall take responsibility for: (a) The overall quality of each compilation engagement to which that partner is assigned; and (b) The engagement being performed in accordance with the firm’s quality control policies and procedures, by: (i) Following appropriate procedures regarding the acceptance and continuance of client relationships and engagements; (ii) Being satisfied that the engagement team collectively has the appropriate competence and capabilities to perform the compilation engagement; (iii) Being alert for indications of non-compliance by members of the engagement team with relevant ethical requirements, and determining the appropriate action if matters come to the engagement partner’s attention indicating that members of the engagement team have not complied with relevant ethical requirements; (iv) Directing, supervising and performing the engagement in compliance with professional standards and applicable legal and regulatory requirements; and (v) Taking responsibility for appropriate engagement documentation being maintained. --------------------------------------------------------------------------- Briefly discuss the requirements of the engagement partner in 4410.23. This should be business as usual. Discuss the implications of compliance with ISQC1. Why this also should be business as usual. Discuss impact of monitoring requirements on a firm (one file reviewed every three years at a minimum) and possible benefits to the practitioner of this review. -------------------------------------------------------------------- Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 Complying with the practitioner’s ethical responsibilities- A practitioner is not required to obtain assurance as to the accuracy and completeness of the information provided by management in an ISRS 4410 (Revised) compilation engagement. However, the practitioner must comply with the relevant ethical requirements in the standards, and these include not knowingly being associated with materially false or misleading information. The requirement for the practitioner to understand the entity’s business and operations and the basis of accounting sufficiently to perform the engagement speaks to that. This is standard professional practice and common sense. If, during the compilation, a practitioner becomes aware of a material misstatement or an inadequate description of the basis of accounting in the compiled information then they are required to recommend changes to management to rectify the situation. If in the rare circumstance management does not agree to the change recommended then the practitioner would have to resign from the engagement so as to not be associated with information known to be materially false or misleading. The practitioner either completes the engagement satisfactorily or the practitioner must resign. The standard provides no middle ground. You should note that there is no requirement in ISRS 4410 (Revised) for a practitioner to be independent of the client. This is because the concept of independence related to non-assurance engagements is not addressed in the International Standards Board (IESBA) Code of Ethics for Professional Accountants. If a practitioner’s national code of ethics is more restrictive than the IESBA Code then the practitioner will, of course, have to comply with those requirements in addition to those mandated by the compilation standard, and this includes issues regarding practitioner independence.

Znaczenie komunikacji Komunikowanie kierownictwu, w tym wszystkich spraw, które w oparciu o osąd zawodowy mają wystarczająco duże znaczenie, że należy na nie zwrócić jego uwagę [4410.27] Komunikowanie znaczących szacunków opartych na osądach, w których praktyk udzielił pomocy [4410.30] 4410.27 - The practitioner shall communicate with management or those charged with governance, as appropriate, on a timely basis during the course of the compilation engagement, all matters concerning the compilation engagement that, in the practitioner’s professional judgment, are of sufficient importance to merit the attention of management or those charged with governance, as appropriate. 4410.30 - The practitioner shall discuss with management, or those charged with governance as appropriate, those significant judgments, for which the practitioner has provided assistance in the course of compiling the financial information. ------------------------------------------------------------------------- Discuss why communication is so important, esp. to management’s acceptance of responsibility for the compiled information. Provide a couple of examples of practitioner-assisted judgments. Provide a couple of examples of methods of communication and when they might be appropriate (e.g. oral, written, copies of working papers, calculations etc.) or required by law. ----------------------------------------------------------------------- Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 Communicating with clients throughout the engagement- The professional accountant may be providing accounting and financial reporting expertise in a compilation engagement but management remains responsible for the information compiled and the end financial statement. Financial reporting always requires judgment. If management is to take responsibility for the end financial information reported then the practitioner needs to discuss with management those significant judgments for which the practitioner has provided assistance in the course of compiling the financial information. As with any public accounting engagement, effective communication with clients is the key to success. ISRS 4410 (Revised) makes it very clear that a practitioner can assume that judgments made by management are acceptable unless something leads the practitioner to believe otherwise. As such, the standard does not require that the practitioner review judgments made by management in preparing information initially provided for compilation (On the other hand, nothing prevents a practitioner from doing that). The standard does, however, require the practitioner to discuss with management all significant judgments for which the practitioner has provided assistance in the course of the engagement. This communication is essential and it must be in sufficient detail for management to be able to take full responsibility for the compiled financial information. Effective communication is essential. Only requiring practitioners to discuss significant judgments they have assisted management in making provides the flexibility to make this standard cost effective. Assume, for example, the basis of accounting requires recording an estimate for inventory obsolescence. If management has made this estimate prior to commencement of the engagement then you need not discuss the judgments involved with management. If, however, you assist management in making the judgments needed to estimate inventory obsolescence then you do need ensure management has sufficient information to take responsibility for the compiled information. And that can only happen with effective communication.

Procedury kompilacji #1 1) Poznać i zrozumieć: Działalność gospodarczą i system finansowo-księgowy Ramowe założenia sprawozdawczości finansowej W jakim stopniu? Niezbędnym do wykonania kompilacji [4410.28] 4410.28 - The practitioner shall obtain an understanding of the following matters sufficient to be able to perform the compilation engagement: (a) The entity’s business and operations, including the entity’s accounting system and accounting records; and (b) The applicable financial reporting framework, including its application in the entity’s industry. Tie in to ethical requirements. Give examples of when the practitioner might not be sufficiently knowledgeable to do the work e.g. complexity of business and/or accounting system and financial reporting framework. Take participants through A42-A44 and discuss iterative process and examples of what type of information will be important to know.

Procedury kompilacji #2 Kompilowanie sprawozdań z wykorzystaniem informacji przekazane przez kierownictwo [4410.29] W przypadku pomocy w odniesieniu do szacunków opartych na osądach, dyskusja z kierownictwem [4410.30] Czytanie skompilowanych informacji, co pomaga zrealizować wymogi etyczne [4410.31] 4410.29 - The practitioner shall compile the financial information using the records, documents, explanations and other information, including significant judgments, provided by management. 4410.30 - The practitioner shall discuss with management, or those charged with governance as appropriate, those significant judgments, for which the practitioner has provided assistance in the course of compiling the financial information. (Ref: Para. A45) 4410.31 - Prior to completion of the compilation engagement, the practitioner shall read the compiled financial information in light of the practitioner’s understanding of the entity’s business and operations, and of the applicable financial reporting framework. (Ref: Para. A46) 4410.A46 - The practitioner’s reading of the financial information is intended to assist the practitioner in fulfilling the practitioner’s ethical obligations relevant to the compilation engagement. ---------------------------------------------------------------------- Discuss range of possible engagements, from comprehensive compilation to read-only. Implications on work effort. Revisit the need for management to take responsibility. Role of professional judgment in discussions [4410.22] Engagement almost over unless…

Napotkane utrudnienia #1 Gdy praktyk stanie się świadomy, że informacja jest niekompletna, niedokładna lub niesatysfakcjonująca w inny sposób [4410.32], wtedy musi on albo Uzyskać i/lub skorygować informację [4410.33], albo Wycofać się [4410.33] PROSTE – BRAK INNYCH OPCJI 4410.32 - If, in the course of the compilation engagement, the practitioner becomes aware that the records, documents, explanations or other information, including significant judgments, provided by management for the compilation engagement are incomplete, inaccurate or otherwise unsatisfactory, the practitioner shall bring that to the attention of management and request the additional or corrected information. 4410.33 - If the practitioner is unable to complete the engagement because management has failed to provide records, documents, explanations or other information, including significant judgments, as requested, the practitioner shall withdraw from the engagement and inform management and those charged with governance of the reasons for withdrawing. ----------------------------------------------------------------------------------- Discuss reason for the requirements (close association of practitioner with material and, as no conclusion given, no way to express a modified conclusion). Discuss stumble-over condition. Give practical examples. Possible to assist management but cannot issue a 4410 report.

Napotkane utrudnienia #2 Gdy praktyk stanie się świadomy, że: Ramowe zasady sprawozdawczości finansowej zastosowane są w sposób nieodpowiedni; lub Skompilowane informacje są w istotnym zakresie zniekształcone; lub Skompilowane informacje z innego powodu wprowadzają w błąd [4410.34] to albo koryguje skompilowane informacje albo wycofuje się [4410.35] PROSTE – BRAK INNYCH OPCJI 4410.34 - If the practitioner becomes aware during the course of the engagement that: (a) The compiled financial information does not adequately refer to or describe the applicable financial reporting framework; (b) Amendments to the compiled financial information are required for the financial information not to be materially misstated; or (c) The compiled financial information is otherwise misleading, the practitioner shall propose the appropriate amendments to management. 4410.35 - If management declines, or does not permit the practitioner to make the proposed amendments to the compiled financial information, the practitioner shall withdraw from the engagement and inform management and those charged with governance of the reasons for withdrawing. ----------------------------------------------------------------------------------- Discuss reason for the requirements (close association of practitioner with material and, as no conclusion given, no way to express a modified conclusion). Discuss stumble-over condition. Give practical examples. e.g. – AFRF described as IFRS but subsidiaries recorded at cost in statements

Wszystkie istotne sprawy i reakcję na nie Dokumentacja Musi zawierać [4410.38]: Wszystkie istotne sprawy i reakcję na nie Sposób w jaki skompilowane informacje uzgodnione zostały z informacjami otrzymanymi od kierownictwa Kopię skompilowanych informacji finansowych, za którą odpowiedzialność przyjęło kierownictwo 4410.38 - The practitioner shall include in the engagement documentation: (a) Significant matters arising during the compilation engagement and how those matters were addressed by the practitioner; (b) A record of how the compiled financial information reconciles with the underlying records, documents, explanations and other information, provided by management; and (c) A copy of the final version of the compiled financial information for which management or those charged with governance, as appropriate, has acknowledged their responsibility, and the practitioner’s report. --------------------------------------------------------- Discuss proportionate application. Some engagements very straight forward, others very complicated. Only need to go back to information provided by management, not right back to source documents. How would you document management’s acceptance of responsibility?

Sprawozdanie z kompilacji Nie jest to jakiekolwiek akceptowalne sprawozdanie. Kluczowe elementy [4410.40, Załącznik 2]: Musi potwierdzać zgodność z MSUP 4410 Referencja do kompetencji zawodowych praktyka Oświadczenie zgodności z wymaganiami etycznymi Podkreślenie odpowiedzialności kierownictwa Tylko jedno zastrzeżenie — nie jest to badanie ani przegląd Discuss importance of the report to the engagement – clear statement of nature of the engagement. Report not in this format, cannot state compliance with 4410. Strong statement of practitioner's role and expertise. Management’s responsibility front and centre Only one caveat paragraph. This is the public face of a 4410 compilation engagement. -------------------------------------------------------------------------- Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 Summing it up- The ISRS 4410 (Revised) compilation engagement standard will provide exciting new opportunities for professional accountants in public practice and their clients. The standard’s flexibility allows practitioners to craft an engagement to suit the specific needs of their clients while providing appropriately rigorous professional standards to ensure consistency of approach and engagement quality. There is a focus on communication throughout the standard; from the engagement letter setting out roles and responsibilities, to communication of all significant matters to management, to a clear and concise practitioner’s report. Clients stand to gain, understand and communicate to users the significant value in having a professional accountant perform a compilation using this standard. By using this standard the professional accountant stands to be able to provide their clients with flexible high quality service. Try IAASB’s ISRS 4410 (Revised). You and your clients will appreciate it.

Dziękuję Powodzenia w Kompilacjach  Discuss importance of the report to the engagement – clear statement of nature of the engagement. Report not in this format, cannot state compliance with 4410. Strong statement of practitioner's role and expertise. Management’s responsibility front and centre Only one caveat paragraph. This is the public face of a 4410 compilation engagement. -------------------------------------------------------------------------- Text from overview article ISRS 4410 Compilation Engagements: The Standard for Today’s Compilation Engagements , Phil Cowperthwaite, Jan 1, 2012 Summing it up- The ISRS 4410 (Revised) compilation engagement standard will provide exciting new opportunities for professional accountants in public practice and their clients. The standard’s flexibility allows practitioners to craft an engagement to suit the specific needs of their clients while providing appropriately rigorous professional standards to ensure consistency of approach and engagement quality. There is a focus on communication throughout the standard; from the engagement letter setting out roles and responsibilities, to communication of all significant matters to management, to a clear and concise practitioner’s report. Clients stand to gain, understand and communicate to users the significant value in having a professional accountant perform a compilation using this standard. By using this standard the professional accountant stands to be able to provide their clients with flexible high quality service. Try IAASB’s ISRS 4410 (Revised). You and your clients will appreciate it.