Compilations and reviews, documented the way the standards ask
The working papers for a compilation (ISRS 4410) or a review (ISRE 2400) are generated from the methodology and the engagement's profile. The practitioner's report starts from template wording the engagement partner edits and signs.
Compilation engagements and independent reviews make up much of private-company reporting in South Africa. Achekam generates the papers each needs, keeps review notes and sign-offs on the engagement, and drafts the report from standard wording — never deciding the conclusion.
What it covers
- Papers from the methodology — The engagement profile's answers decide which papers are generated for a compilation, a review or an audit. Each paper is worked in its own document workspace, with review notes cleared by people and sign-offs recorded.
- The practitioner's report from template wording — The compiler's or practitioner's compilation report (ISRS 4410), the independent reviewer's report (ISRE 2400) or the auditor's report (ISA 700) starts from standard wording labelled as template; anything not recorded stays "[to be completed]".
- Engagement and representation letters, signed electronically — Proposals and engagement letters are sent for signature from the CRM; a reviewer's letters are corrected in place and signed by the directors through the e-sign engine, with each signed PDF filed in the client's documents.
- Review by another firm when it must be independent — Where the review must be performed by someone other than the preparing firm, the Independent Review Desk carries it to a listed or invited practitioner with their own working file.
What it does not do
- Professional judgement — the conclusion, the opinion and the sign-off — is never automated, by AI or otherwise.
The standard behind it
IAASB ISRS 4410 (Revised) and ISRE 2400 (Revised), Companies Act 71 of 2008, section 30; Regulation 29. The international standards for compilation engagements and reviews of historical financial statements.
Questions
- What is the difference between the two in Achekam?
- A compilation expresses no assurance and carries no ISRE 2400 working file; a review documents the ISRE 2400 procedures and expresses limited assurance in the practitioner's conclusion.
