The practitioner shall not accept the compilation engagement unless the practitioner has agreed the terms of engagement with management, and the…

The practitioner shall not accept the compilation engagement unless the practitioner has agreed the terms of engagement with management, and the engaging party if different. In accordance with SRS 4410, "Compilation Engagement”, the responsibilities of the management to be agreed on for the compilation engagement are that: (i) The financial information, and for the preparation and presentation thereof, in accordance with a financial reporting framework that is acceptable in view of the intended use of the financial information and the intended users (ii) Design, implementation and maintenance of such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error (iii) The accuracy and completeness of the records, documents, explanations and other information provided by management for the compilation engagement and (iv) Judgments needed in the preparation and presentation of the financial information, including those for which the practitioner may provide assistance in the course of the compilation engagement