Compilation of financial statements


Compilation of financial statements – a compilation engagement where accountant after having ensured that there is a clear understanding between him and client regarding the terms of the engagement uses accounting expertise, as opposed to auditing expertise, to collect, classify and summarize financial information. This ordinarily entails reducing detailed data to a manageable and understandable form without a requirement to test the assertions underlying that information. Users of the compiled financial information derive some benefit as a result of the accountant’s involvement because the service has been performed with professional competence and due care.
 
Compilation of financial statements services include: 

  • Compilation of financial statements prepared in accordance with IFRS-IAS;
  • Compilation of financial statements prepared in accordance with NFRS.

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