One of the most important functions of audit and accoutning 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.
This course will provide a practical simulation of how to compile a complete set of financial statements compliant with IFRS for SME's using ISRS4410 and Draftworx.
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.
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.
• By the end of this course delegates will be able to compile a set of financial statements on IFRS for SME
• Please note that this is not a complete course on all the IFRS for SME principles. There May be some
examples of the difference between Full IFRS and IFRS for SME, but this course is not meant to provide
a full working knowledge of IFRS for SME, rather a practical knowledge of compiling the financial
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
Please note that this course will be preceded by a one day Draftworx Fundamental course that is a detailed introduction to Draftworx.
This compilation session is NOT a detailed intorduction to Draftworx, but rather for employees who have worked on Draftworx before, or who have attended the fundamental training.
This course will be presented at an intermediate level and anyone who will be responsible for
independently compiling a set of financial statements i.t.o IFRS for SME's will benefit.
• Delegates must bring their own computers with Microsoft office 2016 loaded.
• Draftworx must be loaded and fully liscenced.