The CCAB bodies have developed a standard ‘CCAB accounts compilation report’ as a means of helping company directors by explaining their involvement in the compilation of a company’s accounts.
Download the CCAB accounts compilation report here
This webpage is designed to help readers of a CCAB accounts compilation report understand what it is and how it is produced. The report is for use by professional accounts who are practising members and by firms of the accountancy bodies (‘practitioners’) that are members of CCAB.
Accounts compilation is a service whereby practitioners compile accounts for the company directors who are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. The accounts compilation report explains how practitioners have helped the directors prepare the accounts. The CCAB accounts compilation report was drafted in response to a recommendation from the Professional Oversight Board (POB) which encouraged CCAB bodies to use a common accounts compilation report with a very broad description of the scope of the engagement and to give a clear explanation of the extent and relevance of the involvement of practitioners in the preparation of those accounts. POB’s report can be downloaded here
The CCAB accounts compilation report consists of ‘core’ paragraphs and ‘optional’ paragraphs. The core paragraphs must be used in the report as they describe the extent and nature of the involvement of professional accountants in the preparation of the accounts. Some of the optional paragraphs explain the respective responsibilities of practitioners and directors and others clarify the purpose of the accounts compilation service in contrast with assurance services such as an audit. The use of optional paragraphs is a matter for the individual practitioner’s professional judgement.
The report wording is in line with the International Auditing and Assurance Standards Board’s International Standard on Related Services 4410 Engagements to Compile Financial Statements. Download the CCAB accounts compilation report here
The CCAB accounts compilation report includes website links to relevant accountancy bodies to enable the reader of the report to find out more about:
1. the technical guidance for the underlying work; and 2. the related educational, ethical and other professional requirements.
1. Technical Guidance
Each accountancy body has produced detailed technical guidance which explains to the practitioner the work needed to produce a CCAB accounts compilation report. To see this, click on the accountancy body named in the report: