Discuss whether the independent compiler can assist

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Reference no: EM133492753

Case: Jonny Incorporated, a registered accounting practice, renders financial statement engagements for clients across the South African Republic. The following queries were forwarded to the technical department headed by Mr. Simpson

The practice often conducts training sessions for the accounting and finance departments of its clients to enhance its independence when compiling financial statements. One of its clients, Limits (Pty) Ltd, concludes complex business transactions which require significant technical knowledge. To render quality service to this client, the senior staff responsible for the financial statement engagement often assist the finance department with recording these complex transactions and developing the accounting policies to ensure the financial statements comply with the accounting standards adopted.

Question: Discuss whether the independent compiler can assist management in recording complex transactions as well as selecting accounting policies when finalising the financial statements.

Reference no: EM133492753

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