Compilation engagements VS Agreed-upon Procedures 2019


Date: Jul 16, 2019 - Jul 16, 2019

CPD hours: 2 Hours

Time: 10:00 - 12:00

Event Type: Webinar

Presenter: Lettie Janse van Vuuren
CA (SA), Registered Auditor

Increased audit exemption thresholds have prompted stakeholders to look for alternative services to an audit. Compilation and Agreed-Upon Procedures (AUP) engagements are 2 such alternative engagements that are filling the gap. The dramatically increased need for these services, mean that accountants can offer and play a significant part in building trust in business!

Overview

Increased audit exemption thresholds have prompted stakeholders to look for alternative services to an audit. Compilation and Agreed-Upon Procedures (AUP) engagements are 2 such alternative engagements that are filling the gap.  The dramatically increased need for these services, mean that accountants can offer and play a significant part in building trust in business!

Compilations and Agreed-Upon Procedures engagements are definitely an attractive and fast growing service offering to SMEs. Clients may not need an audit, but may e.g. greatly benefit from an Agreed-Upon Procedures engagement to satisfy banking or vendor needs (for example, to advance a business transaction, or verify to management that certain financial reporting processes and controls are operating effectively).

This webinar explores the growing use of Compilation engagements and Agreed-Upon Procedure (AUP) engagements in detail. To reap the benefits in your practice, you must learn to advise your clients on how to choose the right service, as well as know how to perform these engagements in accordance with the requirements of legislation and prescribed standards.

Join technical expert Lettie Janse van Vuuren CA(SA), RA on 16 July 2019, as she guides the auditor, accountant, accounting officer and bookkeeper to provide the best possible service in the most efficient way - whilst complying with the stringent requirements of International Standards, the Companies Act and Companies Regulations.


Learning objectives

By the end of this webinar the participant should be aware of the process to prepare their entity for a financial audit, with regard to:

  • The legislation that is applicable – with specific reference to the Companies Act and Regulations
  • The standards that must be followed:
    • ISRS 4400 – Agreed-upon Procedures Engagements
    • ISRS 4410 – Compilation Engagements
  • The requirements set out in these standards (e.g. Ethical requirements, documentation, etc)
  • How to apply these standards in practice (including examples of engagement letters and practitioner’s reports)
  • The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures
  • Other useful documents to make your life easier

Course content

The following topics will be covered in detail during the event:

  • The legislation that is applicable:
    •  In accordance with the requirements set out in the Companies Act and Regulations
      • Who is responsible for compliance? (including the 6-month deadline)
      • Public Interest Score
      • What type of engagement is required?
      • Who may perform the identified type of engagement? (including compilations)
      • Financial Reporting Framework to be used
      • Difference between internally compiled and independently compiled
      • Consequences of non-compliance
  • The standards that must be followed:
    • ISRS 4400 – Agreed-upon Procedures Engagements
    • ISRS 4410 – Compilation Engagements
  • The requirements set out in these standards, including:
    • Ethical requirements
    • Quality Control requirements (including acceptance and continuance of clients)
    • Professional Judgment
    • Procedures to be performed
    • Documentation
  • How to apply these standards in practice:
    • Reporting responsibilities (Practitioner’s report, reporting to CIPC & on NOCLAR)
    • Using standardised documents (including examples of Engagement letters, Report of Factual Findings and a Practitioner’s Compilation Report)
  • The key changes that are being proposed in the Revised ISRS 4400 on Agreed-upon Procedures:
    • Professional judgment
    • Independence
    • Engagement acceptance and continuance
    • Use of a practitioner’s expert
    • AUP report restrictions
  • Other useful documents to make your life easier: 
  • Choosing the Right Service: Comparing Audit, Review, Compilation, and Agreed-Upon Procedure Services
  • Agreed-upon Procedures Engagements as a growth & value opportunity:
    • The benefits to clients of offering such services;
    • When such engagements are appropriate;
    • Examples of financial and non-financial information AUP engagements; and
    • 6 short case studies with example procedures that might be applied.

Obtaining your CPD certificate

Attendance of this 2-hour seminar/webinar series will accrue 2 CPD hours for members of a relevant professional body. The SAAA CPD policy is compliant with the IFAC IES7 and is recognised, amongst others, by SAICA, AAT, SAIPA, SAIBA, ACCA, IAC, CIS, ICBA, LSSA, FPI, the IBA and others.


Who should attend

The following persons will benefit from attending this webinar:

  • Anyone who is preparing financial statements on behalf of their company or client;
  • Accountants in Practice and Business: CA(SA), PA(SA), BAP(SA), ACCA, CIMA, IAC, AGA(SA), CIS, ICBA and others;
  • Accounting officers;
  • Registered Auditors;
  • Professional and practice support staff involved in audits, independent reviews, compilations, assurance engagements, accounting and other relevant non-assurance engagements; and
  • Accounting and other financial support staff (involved in compilations and agreed-upon procedures engagements within your organisation).

Price               

  • R475.00 - Online admission - Individual. 

  • R 950.00 - Online admission - Company. 


Steps to register for the event:  

  1. You can either attend the event as a non-CPD subscriber or as a CPD subscriber.   

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  3. Once you have a free profile you can register for this event.

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Additional material

By attending this webinar, you will be provided with:

  • Summarised slide presentation;
  • Detailed course material;
  • Source documents – which can be kept in your reference/resource library;
  • The ability to ask questions during the webinar via the online portal, as well as during the subsequent live Q&A session; and
  • Access to the presenter via e-mail, after the webinar.

 

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