QAU Alert: 2017-02: Q&A on Compilation Reports in Accordance with BOA Resolution 03-2016

Q&As on Compilation Reports Required by BOA Resolution 03-2016


  1. What form of report should a practitioner issue?

When a Company engaged a practitioner to perform compilation services, a compilation report shall be attached to the audited financial statements to be filed to the regulatory offices. In this report, the compliance with PSRS 4410 (Revised) shall be explicitly stated.

An illustrative report can be found on the Appendix of the attached AASC Alert. You can also check out Appendix 2 of PSRS 4410 (Revised)

For CPAs in commerce and industry who compiled the financial statements of their employer, they are required to attach the Certificate on the Compilation Services for the Preparation of the Financial Statements and Notes to Financial Statements. An example of this can be found in the Annex A of BOA Resolution 03-2016. Note that this is not applicable for a contracted CPA or a compiler.


  1. When should the compilation report be dated?

The practitioner shall date the report on the date the compilation engagement has been completed considering the process that exists within the entity for the approval of the financial statements by management or by those charged with governance.

In our jurisdiction, there is an established process that management or those charges with governance are required to follow for the preparation and finalization of the financial statements of the entity. Therefore, the completion of the compilation engagement should not be earlier than the date of approval of the financial statements by management.

Hence, the date of the compilation report shall be the same with the approval of the financial statements by the management or those charged with governance.


This AASC Alert has been discussed with and agreed by the Board of Accountancy.



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