|Exhibit 1: Compilation of Financial Statements Under the New ED|
Submission of financial statements:
Presenting to a client or third parties financial statements
that the accountant has generated either manually or through
the use of computer software. |
2 Compilation of financial statements: Presenting in the form of financial statements information that is the representation of management (owners) without undertaking to express any assurance on the statements.
3 Third parties: All parties except for members of management who are knowledgeable about the nature of the procedures applied and the basis of accounting or assumptions used in the preparation of the financial statements.
4 The engagement letter signed by management or the letter issued to management should include:
The communication should also include the following additional matters, if applicable: