This course provides participants with an overview of the requirements of the new Canadian Standard for Related Services (CSRS) 4200 and its impact on the planning, implementation and documentation of a compilation engagement.

The CPA Canada Handbook standard on Compilation Engagements has been updated to CSRS 4200 – Compilation Engagements. This significantly changes some of the requirements for conducting a compilation engagement, including additional documentation and disclosure requirements. CSRS 4200 will be mandatory for Compilation Engagements on years ended on or after December 14, 2021, and practitioners are advised to familiarize themselves with the new standard in advance to prepare for implementation and communicate the changes to staff, clients and other stakeholders.

This course will provide an overview of what’s covered in the new standard. More detailed application of CSRS 4200 will be covered in the course Compilation Engagements – Application of CSRS 4200 New Standard.

Topics Include:

• Why change is needed to compilation engagement standards?
• The revised scope of compilation engagements under the new standard.
• Overview of new and revised compilation engagement concepts:
  •  Basis of accounting
  • Misleading information
  • Professional judgment
  • Distribution to third parties
  • Overview of key changes from Section 9200 to CSRS 4200:
    •  Requirements for accepting and continuance of engagements
    • Requirements for work to be performed including:
      • The practitioner’s knowledge
      • Discussions with management regarding significant judgments
    • Financial statement disclosure requirements
    • Reporting requirements and the date of the practitioner’s report
    • Distribution to third parties
  • Key considerations for designing an implementation plan.
  • Describe the requirements of the new standard and the differences from the current standard.
  • Identify the stages of the engagement that will be affected by the new standard.
  • Assess the impact of the new standard on the work to be performed and documented.

NOTE: No updates or changes were made to the 2023 version of this course. If you completed the course in 2021 or 2022, please be advised the 2023 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.