international ethics standards board for accountants review and compilation engagements isabelle...

International Ethics Standards Board for Accountants

Review and Compilation Engagements

Isabelle Sapet

Paris June 2010

• IESBA discussed at February 2010 meeting

• IAASB discussed issues during June 2010 meeting, plans to approve exposure drafts in September 2010

Reviews and Compilation EngagementsProject Status

• 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

Compilation Engagements

• Requirements

– Practitioner complies with relevant ethical requirements

• Application guidance

– Relevant ethical requirements include independence

Review Engagements