REPORT WRITING & INDEPENDENT REVIEW
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1 REPORT WRITING & INDEPENDENT REVIEW 1 PRESENTED BY FAITH NGWENYA TECHNICAL & STANDARDS SERVICES EXECUTIVE
2 Professional Accountant 2
3 3 QUALITY CONTROL ISQC 1 Monitoring ISQC 1 Engagement performance Human Resources. Acceptance and continuance Ethical requirements Leadership responsibilities
4 4 ISQC 1 RISK AND COMPLIANCE Leadership responsibility Policies and procedures not documented No on -going review of policies and procedures No cold file reviews (audit) -Lack of supervision and control -Methodology (audit) not effective Monitoring Engagement performance - References not obtained for new staff -Fit and proper declarations not obtained - Insufficient training on ISA/IFRS and record keeping Non-compliance with ISQC1 Human Resources Independence & ethical requirements Client acceptance & continuance - Independence declaration from staff not obtained - Register of identified threats & safeguards not maintained - No integrity checks plus client identification - Procedures not documented - - Engagement letters not issued
5 5 Leadership responsibility Organisation structure Enforcement of policies Setting tone from the top Communicate with staff Leadership responsibility Document policies & procedures Establish policies & procedures
6 6 SETTING TONE AT THE TOP Commitment to continuous improvement Performance of effective & efficient reviews Associate with right clients Tone at the top Commitment to technical excellence & quality Clear standards & robust processes Recruitment of skilled & competent staff
7 7 ETHICAL REQUIREMENTS Code of Conduct Ethical dilemma procedures Independence
8 8 INDEPENDENCE Independence of record keeping and compilation Compilation Independence of Decision making Independent review Audit Independent of business entity
9 9 INDEPENDENCE Appointment Services agreed upon Execution of performance Regulations & standards Independence Acceptance & continuance Engagement letter & planning Engagement performance Compliance of performance
10 10 INDEPENDENCE AND ETHICS Obtain information Obtain information on potential threat to independence & ethics Evaluate Evaluate any threats to independence & ethics Document Document & report on conclusions Action Take appropriate action to mitigate the risks to ethics & independence.
11 11 ACCEPTANCE AND CONTINUANCE Integrity of the client Acceptance and continuance Can comply with ethical requirements Practice is competent and & has sufficient time, resources & competence
12 12 HUMAN RESOURCES Recruitment and Appointment Professional development Performance evaluation, compensation & promotions Ability/Aptitude Values Competence Motivation Quality of work
13 13 ASSIGNMENT AND ENGAGEMENT TEAM Identity and role of engagement partner communicated Engagement partner has appropriate capabailities, competence, authority & time Responsibilities of engagement partner clearly defined & communicated
14 14 ENGAGEMENT PERFORMANCE Professional Standards Regulatory requirements Performance obligations
15 15 ENGAGEMENT PERFORMANCE Performance Activity Engagement letter Resource allocation Planning engagement Monitoring Performance Criteria Service/agreed upon deliverables Competence-engagement fit Responsibility & accountability duties Quality assurance supervision & review strategies & reports Work flow planning Reporting Performance obligations Integrated work plan documented and sign off File & report review processes Document discussions & communications
16 16 CONSULTATION OR SECONDMENTS Appropriate consultation has taken place on difficult issues Sufficient resources available to enable appropriate consultation Nature and scope of consultations documented Conclusions reached from consultations are documented & implemented
17 17 CONSULTATION OR SECONDMENTS Strategy Objective Supervision Monitoring Risk identification & provide guidance Continuous quality assurance review to prevent risks Review Ensure compliance & correction of risks Documentation Proof of evidence
18 18 MONITORING Establish a monitoring process designed to provide it with reasonable assurance that policies & procedures relating to the system of quality control/assurance are relevant, adequate & operating efficiently. Internal assessment Functionality & compliance External assessment Relevance & benchmarking Professional assessment Inspection & compliance
19 Compilation Engagement [ISRS 4410] 19 Prepared by: Rashied Small, Hashim Salie, Shafiek Dollie & Yaeesh Yasseen
20 20 Public Interest Score Public Interest Score: The public interest score is a mechanism introduced by the Companies Act that determines: (i) the type of engagement that must be performed, (ii)accounting framework that must be adopted, and (iii)corporate governance issues that should be complied with
21 21 PUBLIC INTEREST SCORE COMPONENTS
22 22 PUBLIC INTEREST SCORE - CRITERIA A number of points that equal the average number of employees during the financial year. One point for every R 1 million (or portion thereof) in third-party liabilities at the financial year end. One point for every R 1 million (or portion thereof) in turnover during the financial year One point for every individual who, at the end of the financial year, is known to directly or indirectly have a beneficial interest.
23 1. Is the company a public company or a state-owned company? 2. Is company a private company and controls fiduciary assets OM >R5m? < 100 No Aud/IR Duties of Acc Off No Application of PIS to Private Companies and CCs Owner Managed Greater/= than 350 PIS Yes Yes No Non- Owner Managed Acc Officer Yes Greater/= than 350 PIS EXT Is entity CC Less than 350 PIS and greater/equal to than 100 PIS No Audit/N o IR INT Audit Audit Less than 350 PIS and greater/equal to than 100 PIS Int Less than 100 PIS Non CA/CA Ext CA Independe nt Review
24 24 PUBLIC INTEREST SCORE - APPLICATION Public Interest Score Financial Reporting Standard Audit PIS 350 IFRS / IFRS for SMEs YES PIS 100 and < 350 and AFS were internally compiled PIS 100 and < 350 and AFS independently compiled PIS < 100 and AFS independently compiled IFRS / IFRS for SMEs IFRS / IFRS for SMEs IFRS / IFRS for SMEs YES NO NO PIS < 100 and AFS internally compiled The Financial Reporting Standard as determined by the company for as long as no Financial Reporting Standard is prescribed NO
25 25 PUBLIC INTEREST SCORE - PRACTITIONERS
26 26 COMPILATION ISRS 4410 Assurance: A compilation does not involve and audit or review, no assurance about the financial statements is provided Compilation provide implied assurance about the fair presentation and relevance of the financial statements (requirement of accounting standards) and the procedures prescribed in terms of ISRS 4410
27 27 LEGISLATION S 29 and s30 requires the compilation Companies Act Accounting Standards Qualitative characteristics and presentation of financial information ISQC 1 ISRS 4410 Competence required to perform the compilation Responsibilities of the compiler and the procedures to follow
28 28 Compilation Engagement Compilation is defined as an engagement in which the professional applies his accounting and financial competence to assist management to prepare financial statements in accordance with the appropriate accounting framework based on information provided by management.
29 Compilation 29 When should a compilation be performed Assist management in making judgement in compiling financial statements Management requires reports for decision making For planning purpose support financial and tax planning Supporting documentation valuation or sale of a business or interest in a business Purposes of other engagements base for review or audit engagement
30 30 Compiler s Responsibilities Financial statement risks Independence Verification of information Compiler
31 Uses of compilation 31 When are the uses of a compilation? Assist management in making judgement in compiling financial statements management requires reports for decision making purposes For planning purpose support financial and tax planning Supporting documentation valuation or sale of a business or interest in a business Purposes of other engagements based of review and audit engagement
32 Benefits of compilation 32 What are the benefits of compilations? Cost effective save time and money because of the work required Use of an expert technical financial reporting competence and ethics Flexible and targeted engagements compilation can be used as an agreed upon engagement Independence improve the quality and integrity of the financial statements
33 33 What are the procedures for a compilation? Accept Apply risk assessment of the client risk profile fit (ISCQ 1) Engagement letter competent to accept the engagement Plan Understand the nature of the business and its operations Understand and evaluate the accounting system Execute Reconcile the financial information with the accounting records Discuss significant matters and judgements with management Report Discuss the financial statements with management Prepare the compilation report
34 34 What preparation is required for a compilation? ISRS 4410 Compilation Engagement [objective, purposes and procedures] Professional judgement [fair representation of financial statements] Code of Ethical Conduct [objectivity,integrity, professional conduct & competence, due care, confidentiality] Accepting the engagement Quality control [competence to perform task, quality control procedures]
35 Acceptance Checklist 35 Checklist before accepting a compilation Risk assessment of client fits practice risk profile Management s integrity reliance placed on information provided for compilation Previous accountant reasons for change or reason for appointment Purpose of assignment needs of the external and/or internal users Internal controls reliability of accounting systems to produce accurate information Competence of professional ability to perform the engagement
36 36 Mini Case Study Client 1: Technology business that is known for its integrity and innovation. The owners are involved in community activities and established a strong relationship. The client has been referred by the previous accountant (a trusted friend who is retiring) and stated that there is no professional reason not to accept the client. Client 2: Entertainment business that opened a casino in the heart of the community. The community including law enforcement agencies has petitioned the establishment and requested the relocation of the business because of their concerns about the possible negative social impact it may have on the community. To date the financial statements of the business was prepared internally.
37 Factors to consider 37 What factors to consider for a compilation? Public Interest Score legislative requirements Purpose of compilation will external users place reliance on the financial statements Benefits of professional s competence benefits management can gain from the assistance Limitation of financial statements historical costs principle and the judgement
38 Engagement content 38 What are the key contents for a compilation? Customised specific to satisfy the requirements and circumstance of engagement Objectives and scope explicit statement that it is a non-assurance engagement (no audit) Responsibilities details of management s and professional responsibilities Purpose of financial statements users, purposes and distribution Reporting nature and type of reporting as well as means/channels of communication
39 39 What must be done for recurring engagement? NO CHANGES Circumstance and conditions of the engagement does not change no need to issue a new engagement letter Changes - Misunderstanding of compilation - Changes in terms of engagement - Changes in management - Changes in ownership of business - Changes in nature of business - Changes in accounting framework
40 40 What other factors should be considered? Use and distribution of reports Publication of financial statements (website) Supporting schedules prepared by management Reliance placed on information received from third parties Billing arrangements Other Services
41 41 What are the critical processes in planning? Business - Nature of business - Governance Materiality - Context of IFRS - Misstatements - Reliability Communication - Management - Compilation team - Team & client staff Planning of compilation Procedures - ISRS System & controls - Reconcile records
42 Procedures 42 What procedures are followed for a compilation? Understanding the business assess the level of risks and materiality Understanding the accounting system type of transactions and accounting records Estimates and judgement assess the accuracy and reliability of judgements Incomplete information obtain explanations from management (evidence) Unusual transactions investigate significant transactions and variances in balances
43 43 Compilation - Procedures
44 44 What procedures are followed for compilation? Discussions Nature of business Accounting system Principles & practice Judgements Reconcile to records Incomplete data Consideration Judgements reasonability Unusual transactions recognition Completeness cutoff procedures Fair representation - truthfulness Customisation Compliance accounting framework Adjustments to statements Recommendations to management Concerns - resolved
45 45 What contents is part of compilation report? Preparation of financial statements based on information provided by management Responsibilities of management relation to governance, compilation engagement and financial statements Accounting Framework used for the preparation of the financial statements Compliance with format of financial statements components of the statements Responsibilities of compiler complied with ISRS 4410 (procedures) and ethical behaviour Not an assurance function: no need to verify the transactions and information provided by management No opinion is expressed Special purpose description of the engagement and use of the statements
46 Review Engagement [ISRE 2400] 46 Prepared by: Rashied Small, Hashim Salie, Shafiek Dollie & Yaeesh Yasseen
47 47 Review Engagement A review provides limited assurance that the financial statements conform to generally accepted accounting principles. This type of assurance is known as negative assurance. This means that as the professional accountant is only providing assurance that nothing has come to their attention that would indicate the financial information is not presented in accordance with accounting standards.
48 48 What is the objective of a review? The professional accountant inquires and performs procedures to determine whether the financial statements prepared by management is free from material misstatements due to fraud and errors. In a review the professional accountant provides limited or moderate assurance about the fair presentation and reliability of the financial statements nothing has come to the attention of the reviewer that the financial statements do not fairly presents, in all material respect in accordance with the accounting framework.
49 Use of review 49 When is the independent review used? Provide users of financial statements with some assurance level of reliability To support proposals and applications for financing or change in ownership through sale of interest Provide assurance of compliance to reporting regulations Supporting management with internal review of the business Support the risk management strategy and governance of the business
50 Benefits of review 50 What are the benefits of a review? Cost effective gain limited assurance on the reliability of the financial statements Limited assurance financial statements are free of material misstatement Flexible and targeted engagements review focuses on the areas of potential risks of misstatement Use of expert reviewer s experience can be used as a risk management strategy
51 51 What are the pre-condition for a review? The accounting framework used to prepare the financial statements must be acceptable and appropriate for the business. The scope to conduct a review should not be restricted as a result of management not be willing grant the professional accountant access to the accounting records and documents supporting the financial statements. Proceed with review
52 52 What are steps involved in a review? Determine whether a review is necessary and appropriate Identify potential risks that may result in material misstatement of the financial statements Perform the review by applying appropriate procedures analytical procedures as per ISRE 2400 Conduct additional procedure for areas of possible risks of misstatement Prepare the review report arrive at a conclusion (limited assurance)
53 53 Parties Responsibilities
54 54 What are the procedures for a review? Accept Apply risk assessment of the client risk profile fit (ISCQ 1) Engagement letter competent to accept the engagement Plan Understand the nature of the business and its operations Identify areas of material misstatement in financial statements Execute Perform analytical procedures obtain sufficient evidence Perform additional procedures on areas of risk Report Evaluate evidence obtained communication with management Prepare the review report
55 55 What preparation is required for a review? ISRE 2400 Review Engagement [objective, purposes and procedures] Professional judgement [fair representation of financial statements] Code of Ethical Conduct [objectivity,integrity, professional conduct & competence, due care, confidentiality] Accepting the engagement Quality control [competence to perform task, quality control procedures]
56 56 What is professional skepticism? Professional skepticism is an attitude that includes a questioning mind, being alert to conditions which may indicate possible misstatement due to error or fraud, and a critical assessment of evidence. Attitude to be able to: Identify and respond to conditions that indicate possible misstatement Critically assess evidence obtained Question managements explanations and representations Draw conclusions based and the facts and evidence obtained
57 57 What is professional judgement? Professional judgment involves the application of competence and experience in making informed decisions about the courses of action that are appropriate for the circumstances. Circumstances where professional judgement may be used: Determining materiality for the engagement Determining areas of possible material misstatement of statements Allocating of staff members that fits their competence levels Designing analytical and additional procedures for the engagement Evaluating evidence to support the conclusion - sufficiency
58 Acceptance Checklist 58 Checklist before accepting a review Risk assessment of client fits practice risk profile Owner s and management s integrity misuse of the review report (claiming it is an audit) Quality of information risk that the information required may not be reliable or available Purpose of assignment management may use the review to avoid negative audit reports Outstanding matters significant matters impacting performing the review effectively Complexity of business financial statements are complex and requires specialized knowledge and experience
59 59 ENGAGEMENT LETTER Reporting Purpose & objective Engagement letter Financial statement risk Procedures Mgnt s responsibility Restriction on scope
60 Factors to consider 60 What factors to consider for a review? Public Interest Score legislative requirements Integrity of management indication of unethical behaviour, infringement of regulations or unwillingness to provide information Limitation on scope restriction on access to information or staff, unrealistic deadlines or quality of information Internal controls process and procedures to mitigate risks of material misstatement of financial statements
61 Engagement content 61 What are the key contents for a review? Customised specific to satisfy the requirements and circumstance of engagement Objectives and scope explicit statement that it is not an audit but limited assurance is provided Responsibilities details of management s and professional responsibilities Purpose of financial statements users, purposes and distribution Reporting nature and type of reporting as well as means/channels of communication
62 62 What must be done for recurring engagement? NO CHANGES Circumstance and conditions of the engagement does not change no need to issue a new engagement letter Changes - Misunderstanding of compilation - Changes in terms of engagement - Changes in management - Changes in ownership of business - Changes in nature of business - Changes in accounting framework
63 63 What are the critical processes in planning? Business - Nature of business - Governance Materiality - Context of IFRS - Misstatements - Reliability Communication - Management - Compilation team - Team & client staff Planning of review Procedures - ISRE Analytical procedures - Additional procedures
64 64 MATERIALITY Prior results Transactions Material risks Industry practice Mgnt s judgement
65 65 What are causes of material misstatements? Material misstatement is when it would significantly change or influence the decisions of informed users of the financial statements. Possible causes of misstatement of financial statements: Fraud and errors (recognition and measurement) Departure from the accounting framework Inappropriate estimates Lack of full disclosure of significant matters
66 66 Review - Procedures Understand business Information risk Accounting framework Review procedures Analytical procedures Accounting systems Financial statement assertions
67 Procedures 67 What procedures are followed for a review? Understanding the business assess the level of risks and materiality Identifying misstatements identify possible risks of misstatement of financial statements Evaluate internal controls assess controls to mitigate material misstatements Analytical procedures obtain evidence for possible misstatement identified Additional procedures investigate and obtain evidence relating to material misstatements
68 68 What contents is part of review report? Responsibilities of management relation to governance, review engagement and preparation of financial statements Accounting Framework used for the preparation of the financial statements Compliance with format of financial statements components of the statements Responsibilities of reviewer complied with ISRE 2400 (procedures) and ethical behaviour Limited assurance function: Evaluate the misstatement of financial statements Draw a conclusion on whether financial statements are free of material misstatement Purpose of engagement description of the engagement and use of the statements
69 69 FORMING AN APPROPRIATE CONCLUSION Negative Assurance: Reviewer is satisfied based on the evidence obtained that the financial statements are free of misstatements Qualification of Assurance: The nature of matters may render the financial statements misleading, a qualified or adverse opinion may be expressed.
70 COMPARATIVE ANALYSIS 70 COMPARISONS Compilation Independent review Audit Level of assurance obtained by Accountants or Auditors that the financial statements are not materially misstated Accountant does not obtain or provide any assurance that there are no material modification that should be made to the financial statements Accountant obtains limited assurance that there are no material modification that should be made to the financial statements The auditor obtains a high, but not absolute, level of assurance about whether the financial statements are free of material misstatement Objective To assist management in presenting financial information in the form of financial statements without undertaking to provide any assurance that there are no material modifications that should be made to the financial statements To obtain limited assurance that there are no material modification that should be made to the financial statements To obtain a high level of assurance about whether the financial statements as a whole are free of material misstatement thereby enabling the auditor to express an opinion on whether the financial statements are presented fairly, in all material respects
71 71 COMPARISONS Compilation Independent review Audit Assurance provided to the user of the financial statements None the report states that no assurance is provided None the report provides a statement that the accountant is not aware of any material modifications that should be made to the financial statements None the auditor provides an opinion as to whether the financial statements present fairly, in all material respects, the company s financial position, results of operations and cash flows Situations requiring different levels of service Generally appropriate or privately held companies and are often prepared for simple situations (e.g., a lender needs IFRS financial statements instead of the statements the internal accounting system produces or the lender needs the comfort provided by knowing that an accountant read the financial statements) Often prepared for privately held companies because of requirements of outside third parties (such as banks, creditors and potential purchasers) that are looking for comfort that the financial statements are not materially misstated Often prepared for companies because outside third parties (such as banks, creditors, potential purchasers and outside investors) require an auditor s opinion on the financial statements
72 Agreed upon Engagement [ISRS 4400] 72
73 73 Agreed upon Engagement An agreed-upon procedures engagement is an engagement in which an auditor/professional accountant is engaged to carry out those procedures of an audit nature to which the auditor and the entity and any appropriate third parties have agreed and to report on factual findings.
74 74 What is objective of agreed upon engagement? The objective of an agreed-upon procedures engagement is for the professional accountant to: carry out procedures of an investigative nature to which the parties have agreed report on factual findings No assurance is expressed provide a factual findings reports without expressing an opinion or making recommendations Users of the report assess the findings reported and draw their own conclusions from the work performed Use of the report is restricted to those parties that have agreed to the procedures to be performed - others, unaware of the reasons for the procedures, may misinterpret the results
75 75 What is the contents of the agreement? Nature of the engagement - no audit or review (no assurance or opinion expressed) Purpose for the engagement Identification of the financial information or activities to which the agreed-upon procedures will be applied Nature, timing and extent of the specific procedures to be applied Anticipated form of the report of factual findings Limitations on distribution of the report of factual findings
76 76 What are steps involved in an engagement? Determine the nature and complexity of the engagement Design the procedures to be performed to conduct the engagement Investigate and obtain sufficient evidence relating to the engagement documents all evidence Evaluate the evidence obtained to support the conclusion Prepare the engagement report prepare a factual findings report
77 77 What preparation is required for a engagement? ISRS 4400 Agreed upon Engagement [objective, purposes and procedures] Procedures [investigation of financial and nonfinancial information] Code of Ethical Conduct [objectivity,integrity, professional conduct & competence, due care, confidentiality] Accepting the engagement Quality control [competence to perform task, quality control procedures]
78 78 What contents is part of engagement report? Purpose of engagement description of the engagement and use of the report Not audit or review no assurance or opinion expressed Responsibilities of management facilitate the engagement process Responsibilities of professional accountant complied with ISRS 4400 (procedures) and ethical behaviour Procedures that will be applied Limitation of engagement: Financial information that engagement relates to Distribution and use of the report Format of the report Fee structure and timeframe
79 Engagement Letter 79 Prepared by: Rashied Small, Hashim Salie, Shafiek Dollie & Yaeesh Yasseen
80 80 What is an Engagement Letter (E.L.)? Engagement letters are a key document in the relationship between you and your client, providing a written confirmation of the work that will be carried out Agreement of service binding the Profession Accountant with the client. Service Level Agreement which stipulates the nature, type and conditions of services to be performed Engagement letter is a legal contract which is binding on the parties to the agreement
81 81 What is the purpose of E.L.? Ensures both parties are on the same page Serves as a risk management tool Forms the foundation of client communication and trust Mandatory in your practice quality control.
82 82 What are the primary contents? Purpose and objectives of the assignment Responsibilities of management A statement stating the professional is an independent contractor. Standards that will be followed for the terms of the assignment Reporting format and communication channels Deliverables of the assignment Type and timing of the assignment - timeframe Basis of determining cost for the assignment Procedures for amendments to the assignment State REPORT WRITING any - CPD limitations 2017
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