APES 315 Compilation of Financial Information (APES 315) sets out the professional obligations of members in public practice who compile historical or prospective financial information.
The standard addresses the fundamental responsibilities of members as well as their obligations in respect of planning, defining the terms of engagement, procedures to follow, dealing with misstatements, documentation and reporting on a compilation engagement.
The standard also includes professional obligations in respect of communication of significant matters to those charged with governance and subsequent discovery of facts. As the most common forms of compilations in practice are in respect of general purpose and special purpose financial statements, appendix 4 includes examples of compilation reports in respect of these common situations.
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