The new standard on compilations, CSRS 4200, was effective for financial periods ending on or after December 15, 2021. The standard represented a significant change from the existing s. 9200 compilation standard. Implementation of the new standard required the adoption of new forms, checklists and client letters.
The objective of the course is to briefly review key CSRS 4200 requirements in the following areas and discuss some of the common issues or questions which arose during the implementation from our work with firms adopting the new standard.
- Client acceptance and continuance procedures
- Performance of a compilation engagement, specifically the work to be conducted in financial statement areas
- Reporting, including potential qualifications.
- Documentation requirements
The session will also discuss the potential impacts of integrating compilation engagements into the firm’s system of quality management when adopting the new Canadian quality management standard for firms, CSQM 1, at the end of 2022. This will be especially relevant for firms which only perform compilations, since these assurance services were previously excluded under the old Canadian standard on quality control, CSQC 1, meaning that firms were previously not required to have firm policies or a quality management manual until now.
Marcus Guenther MBA, CPA, CA
Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.