New guidance from ICAEW on compiling accounts
Guidance for accountants compiling accounts for incorporated entities has been published today by the ICAEW's Audit and Assurance Faculty
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It is intended that the guide provides a framework for carrying out a compilation engagement, whilst seeking to minimise the risk to accountants performing this work. It includes example engagement letter extracts and reports.
‘Engagements to compile accounts represent a significant market for accountants, particularly for firms whose clients choose not to have an audit as a result of the recent audit threshold increase,’ said Ruth Cooke, chair of the faculty’s compilation reports working group.
‘It is also a market where, unlike the statutory audit, there are no restrictions on who can perform this work. The objective was to develop a product, a Chartered Accountants’ Report, which can be clearly distinguished from the services of other accountants.
‘The value of the product is fundamentally rooted in the reputation of the firm and the fact that Chartered Accountants are bound by the ethical and regulatory requirements of the Institute.’
To read the release click here.