Do you understand the difference between the engagements required by the international standards and the different requirements for each engagement file?
On 1 May 2011 the new Companies Act 2008 (Act) introduced the concept of an Independent Review as an alternative form of external independent assurance of financial statements, creating a need for more Independent reviews and independent compilations.
The purpose of this training is to provide delegates with the understanding of each of these engagements, when they should be performed, and what the differences and similarities are.
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Companies Act requirements – Audit vs Independent review
o What engagement is necessary?
How to calculate the public interest score
Who can perform which engagement
o What is meant by the word independent?
o Who is an accounting professional?
Reportable irregularity – CIPC VS IRBA
Similarities and differences for each engagement
Professional scepticism and professional judgement
What documentation is relevant (appropriate and sufficient) to which type of engagement (Compilation vs Assurance)
Pre-conditions and accepting the engagement
Engagement letter
Ethical requirements
Obtaining an understanding of the client through enquiries
What is appropriate and sufficient evidence?
Overall materiality assessments
Areas that are likely to be misstated
Reporting or concluding
