One of the most important functions of audit and accounting firms are to compile financial statements. These financial statements play a vital role in the auditing and review function and are used by companies to apply for financing and to provide information to stakeholders.
As such it is imperative that employees who compile financial statements have the understanding of how this is done, and if it is an independent compilation engagement, what rules to follow.
The purpose of this course is to teach delegates what are the requirements of a compilation engagement so that the report that is signed off by the compiler is appropriate and in line with all the requirements. It will also include important items that must be included on the financial statements in terms of the Companies Act and IFRS for SME.
During this course delegates will be receiving a theoretical knowledge of ISRS4410, as well as practical knowledge on how to compile financial statements on Draftworx.
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Delegates will be provided with a trial balance that is prepared by a client, as well as all the background information necessary in order to obtain sufficient knowledge regarding the client, including excel working papers for adjustment calculations.
They will then need to prepare the financial statements based on IFRS for SME.
The following compilation engagement items within Draftworx will be covered:
• Importing Trial balance
• Linking the trial balance (Not a detailed discussion on linking but a quick overview)
• Terms of engagement and engagement letter
• ISQC1 requirements such as acceptance and continuance of client
• Ethical requirements in terms of the code of conduct
• How to obtain information on the client
• Practitioners report
• Passing journals
• The annual financial statements
Auditors
Bookkeepers
Financial accountants
First year SAICA Trainees
Second year SAICA trainees
Third year SAICA trainees
Fourth year SAICA trainees
Fifth year SAICA trainees
