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Question 1 (20 marks) You are a sole practitioner with a varied portfolio of clients...

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Accounting

Question 1 (20 marks) You are a sole practitioner with a varied portfolio of clients to whom you offer audit, review, tax and accounting services. One of your tax clients, Ricoh (Pty) Ltd, which has a public interest score of 115 has engaged you to compile the annual financial statements for its bankers. In prior years this has been done by the company's bookkeeper, but she resigned recently. The company prepares its financial statements in terms of the IFRS for SMEs. You have performed the engagement and are now preparing your report in respect of the compilation engagement. YOU ARE REQUIRED TO: a) discuss the practitioners objectives in a compilation engagement. (2) b) describe briefly the fundamental principles of professional ethics with which a practitioner must comply in relation to compilation engagements. (6) c) draft the appropriate report for this compilation engagement. (10) d) comment on whether Ricoh (Pty) Ltds financial statements compiled by you will have to be audited or reviewed and whether you will be eligible to carry out the audit or review. (2)

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