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IAASB updates compilation standard

19 Mar 2012

The International Auditing and Assurance Standards Board (IAASB) has released a revised version of International Standard on Related Services (ISRS) 4410 'Compilation Engagements', to better cater to the needs of small and medium-sized entities.

ISRS 4410 (Revised) clarifies the practitioner’s role and responsibilities in a compilation engagement and matters that need to be considered when accepting such engagements, and emphasises the importance of quality control. It also expands the traditional compilation engagement report to make clear to users the practitioner’s contribution to the compiled financial information presented by management, and the key features of a compilation engagement.

The revised standard is effective for compilation engagement reports dated on or after July 1, 2013.

Click for IAASB press release (link to IFAC website).