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International Ethics Standards Board for Accountants. Review and Compilation Engagements. Isabelle Sapet. Paris June 2010. Reviews and Compilation Engagements Project Status. IESBA discussed at February 2010 meeting
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International Ethics Standards Board for Accountants Review and Compilation Engagements Isabelle Sapet Paris June 2010
Reviews and Compilation Engagements Project Status • IESBA discussed at February 2010 meeting • IAASB discussed issues during June 2010 meeting, plans to approve exposure drafts in September 2010
Compilation Engagements • Requirements • Practitioner complies with relevant ethical standards, including objectivity, professional competence and due care • Definition of relevant ethical standards consistent with ISAs • Reference in the report to compliance with IESBA Code of ethics
Compilation Engagements • Application guidance • In complying with the Code threats to compliance with relevant ethical requirements are required to be identified and appropriately addressed • Even though Code does not require independence national requirements may require independence or specify disclosure requirements • Engagement letter – may indicate that independence is not required
Review Engagements • Requirements • Practitioner complies with relevant ethical requirements • Application guidance • Relevant ethical requirements include independence