What is Compilation without independence?
In short
An accountant who isn't independent of the client can still perform a compilation, but must disclose the lack of independence in the last paragraph of the compilation report.
Key takeaways
- The accountant may describe the reasons, but if so must describe all of them.
- Reviews and audits require independence.
- A preparation engagement doesn't require the accountant to determine independence at all.
Where it's tested
AUD: Reviews, Compilations & Agreed-Upon Procedures — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
An accountant who is not independent may still perform which engagement?