Ever wondered whether your business truly needs an audit?
For many small and mid-sized companies, the answer is no — but that doesn’t mean you should overlook professional financial reporting.
Meet SRS 4410 (Revised) – the ICAI standard that powers a smarter, simpler, and more efficient way to present your financials through a Compilation Engagement.
What Is SRS 4410 – and Why It Matters
SRS 4410 pertains to Compilation Engagements, where a Chartered Accountant assists management in preparing and presenting financial information — without providing any audit or review assurance.
Imagine your CA firm pulling together polished, professional financials straight from your records — they look clean, compliant, and credible, without the time or cost of a full audit.
Why Does This Matter for Businesses?
Because in today’s economy, every decision-maker seeks clarity and credibility — not complexity.
SRS 4410 enables businesses to present polished, professional financial information to banks, investors, and internal stakeholders efficiently and cost-effectively, while ensuring complete transparency about the scope and limits of the engagement.
What Does the Standard Require?
• Objective: Use accounting expertise to prepare and present financial information in accordance with the applicable reporting framework — without expressing any audit or review opinion.
• Scope: Applies when financial information is provided by management, and the practitioner’s role is to compile, not to provide assurance.
• Ethical Discipline: The Chartered Accountant must comply with ICAI’s Code of Ethics, exercise professional judgment, and ensure proper documentation and quality control through the engagement.
• Engagement Terms: Before commencing, both parties must clearly define what is to be prepared, the reporting framework to be used, and how the compiled information will be shared – leaving no room for ambiguity.
Management’s Role:
• Provide complete and accurate financial information.
• Take full responsibility for the information presented.
Practitioner’s Role:
• Apply professional accounting expertise to compile and present the financial data accurately.
• Clearly state in the report that neither an audit nor a review has been conducted.
• Decline or withdraw from the engagement if the information provided by management is found to be unreliable.
Inside the Practitioner’s Report
Every compilation report prepared under SRS 4410 must clearly state:
• That the engagement is a Compilation Engagement.
• That the financial is based on data provided by management.
• The applicable financial reporting framework used.
• That no audit or review assurance has been expressed.
• And, in case of special-purpose financial statements, the intended users or restricted audience.
“The compilation engagement was carried out in accordance with SRS 4410. We have not audited or reviewed these financial statements and accordingly express no opinion thereon.”
Why Should Businesses Care?
For Practitioners (CAs):
SRS 4410 provides a structured framework to deliver compilation services professionally — ensuring transparency, consistency, and credibility in every financial report.
For Businesses:
You receive professionally compiled financial information by a Chartered Accountant — ideal for investors, banks, or internal reviews — all without the burden of high audit costs.
Final Take
SRS 4410 isn’t just a compliance requirement — it’s a smart business strategy for companies seeking reliable, professional-grade financial information without the cost of a full audit.
It fosters trust, supports informed decision-making, and promotes transparency — the three pillars of modern business confidence.
In short, audit or not, your numbers should always tell your story right – – and that’s exactly what SRS 4410 helps you achieve.