SRS-Standards on Related

Services
-

Brahmastra Notes
-

By (A Pragnesh Kanaba
-
www
.

the arditacademy ·

Com

Il

·
SRS category deals with No Assurance" services

There is expression opinion

no
of an
·

SRSGH0-SRIGUI0
J

Agreed upon procedures

[Aup) Compilation
Engagements.
regarding financial
information (Preparation & FS)
 CA A
Example of Aup-- Xcd Appoints -
to
-
Evaluate validity of
Examineaccounts
payable a express
accounts payable an opinion Whether
it is
fee from
material misstatement
J
-
SA805

&

Aup Issue a of factual findings

repor t
=
& ·

based upon procedures

specified
-

on a subject matter
-eufiz
a with
s the client
agreed
 SRSG400 -

AUP-key points
① General Principles
↳ code
ethics E
↳
q fundamental principles
Independence is not a
mandator
requirement for Sis category
② to be the
matter
- agreed Include following
:
PIND
2
?
p-purpose of the engagement
Pr Procedures to be applied CNTE of procedures)
T -

Identification of financial information

-Nature of the Engagement ? [No assurance activity)
D-Distribution the ?
& use
of report
↳ Report is meant only
for the parties
who have agreed to the procedures
 9-inquir
③ i n
edures to be applied R- Recomputation
I-Inspection
o-observation
C-confirmation

O
G Reporting
-
 SRstlo-Compilation Engagement

Q is a Compilation Engagement
?

Practitional assists mgmt in preparation & presentation

in accordance AFRF
of financial information with

Practitional &
·

applies financial accounting expertise

② Wh? Compiled financial into may be required

for various
purposes Such as
S-
to comply with mandatory not required mandatorily

periodic financial reporting but required for -

S(7
requirements --
O
Internal Periodic FR ②
Transactional
use by required by
a
as purposes
mgmt
TIWY external parties Es Mergel
under acquisition
Ocontract
③ Objective a scope of Compilation engagement
mgmt =
responsible for Practition el Practitione
a presentation
>
-

applies financial - prepares

preparation & Accounting expertise a compilation
of financial information Assists the Report
&
mgmt [No Assurana]
② Ethical requirements - same as discussed in SRS4400

⑤ tto
h be before accepting the engagement
agreed upon ey -

Responsible DOSA Report

FS preparation
Responsible Practione
Responsibilities of
=
·

> Accuracy a completeness

-
& J-judgments involved
Responsibilities of Mgmt-FA] <C-Internal
Control
·
D -

Distribution of the Compiled

a use FI-

·
OS - Objective & Scope of Compilation engagement
·
A-AFRF identification -
 ·
Report
-

Expected form a content

of Practitionals report

⑥ Porming
Compilation Engagement .

Understand CARD

uundustan
a
business a operationo
reentity's
understanding &↳ accounting system
↳ AFRF
C-compile
-

Compile FI Using RJO (records judgments

,
& Other Info)
provided by mgmt
D -
Discuss
Discuss with mgmt & Tlwy +
significant judgments
R- Read
information
-

before
Read the compiled financial completion

A- Acknowledgment from mgmt a TlWs >

-
responsible for final
legion
.
⑦ What if
?

- vVVu Smp -
.

Practitione is practitione becomes aware that

&
Unable to Complete Compiled FI is mim
the engagement -
does not descabe AFRF
properly
because mgmt has -

amendments are required

to provide
failed -

misleading
I
records propose appropriate amendments
↓ to the mgmt
Withdraw from the ↓

mgmt denies
engagement after withdraw from
the engagement
informing the
discussing the jeasory
a
reasons withdrawal after a Tawly
y mgmt
with
to mgmt & TCWY 9 withdrawal is not possible
then
-
determine Prof. a legal Responsib
⑤ Reporting

I
For SPFS - 2 alects
- users
purpose
-

>

>
-

AA DAL