Document background
The Compilation Engagement Letter is a crucial document used in Australian professional accounting practice when a client engages an accountant or accounting firm to compile financial information. This document is specifically required under APES 315 and serves to establish clear expectations and responsibilities between the parties. It explicitly acknowledges that the engagement does not include audit or review procedures and therefore no assurance will be expressed. The letter must be in place before commencing compilation services and typically covers aspects such as the scope of work, basis of accounting, fees, and confidentiality requirements. The Compilation Engagement Letter is particularly important in the Australian context as it helps ensure compliance with professional standards, regulatory requirements, and provides protection for both the accountant and the client.
