APES 315:

Compilation of Financial Information Fact Sheet

Objective
APES 315 Compilation of Financial Information (the Standard) sets out mandatory requirements and guidance for
members in public practice who undertake compilation engagements. The application also encourages application to
engagements to compile non-financial information.

Scope and application
APES 315, which took effect on 1

J anuary 2010, requires members in public practice in Australia to adhere to its
mandatory requirements when they compile financial information. For members in public practice outside of Australia the
scope of APES 315 must be followed as long as local laws and/or regulations do not prevent them from doing so.

Fundamental responsibili ties of members
APES 315 requires members to observe and comply with their public interest obligations when they perform a compilation
engagement. The Standard also reminds members of their professional obligations established in APES 110 Code of
Ethics for Professional Accountants in respect of Section 130 Professional Competence and Due Care.

APES 315 states that independence is not a requirement for a compilation engagement, however, where the member is
not independent disclosure is required in the compilation report.

Objectives of a compi lati on engagement
APES 315 states that the objectives of a compilation engagement are to use accounting expertise to collect, classify and
summarise financial information. These procedures are required for the compilation engagement, however, they do not
enable the member to express any assurance on the financial information.

Activities that fall outside the scope of the Standard include:

preparation of a taxation return and financial information prepared solely for inclusion in the tax return
analysis of figures provided by the client to report to the client
relaying of information to the client without summarisation of the information.

Procedures
APES 315 suggests the member obtain general knowledge of the business, client operations, and accounting principles
and practices. Procedures such as verification of information and assessments of reliability and completeness are not
required unless the member has reason to believe information supplied by the client is false or misleading or material
information has been omitted. Where this occurs, the member is obligated to ask the client for further information to
complete the engagement.

Reporting on a compilati on engagement
A member must issue a compilation report where the members name is identified with the compiled financial information;
the compiled financial information is for external use; or the intended user may not understand the nature and scope of
the members involvement.










APES 315:
Compilation of Financial Information Fact Sheet






Mandatory elements to be included in a compilation report are a title; an addressee; a statement that the engagement is
performed in accordance with the standard; a statement that the member is not independent from the client (where
relevant); identification of the compiled financial information, noting that it is based on the financial information provided by
the client (if applicable); the basis of any forecast information; key assumptions (applicable to prospective financial
information only); a statement that the client is responsible for the financial information provided; a statement that neither
an audit nor a review has been carried out and that no assurance is expressed on the compiled financial information;
identification that the member is reporting on a special purpose financial statement (if applicable); a paragraph drawing
attention to the disclosure of material departures from the applicable financial reporting framework (if applicable); the date
of the compilation report; the members or firms address; the members or firms name and signature; and an appropriate
disclaimer of liability.

Refer to the Standard for information concerning:
definitions
public interest
professional competence and due care
confidentiality
planning
general purpose of special purpose financial statements
defining the terms of engagement
misstatements
documentation
responsibility of the client
communication of significant matters
subsequent discovery of facts
examples of compilation reports.

Disclaimer
The above material is only general in nature and not intended to be specific to the readers circumstances. The material does not relieve you of your
obligation, as a member of CPA Australia, to ensure that you comply with professional standards. To keep up-to-date members should visit the APESB
website at apesb.org.au.

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Issued November 2012