Based on findings from recent practice inspections, it is becoming increasingly clear that there are, and continue to be, significant deficiencies in the application of the new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements.
As a reminder, the new Standard was effective for compiled information for periods ending on or after December 14, 2021, however findings by CPA have shown several common errors, such as:
- Financial statements are being compiled under the previous standard, Section 9200, Compilation Engagements.
- Missing documentation, such as the intended use of compiled information and the assessment of conditions being met to perform a compilation engagement.
- Incomplete or misleading disclosure of the basis of accounting
- And more…
How can AJAG help?
We have two courses that will ensure you are not only up-to-date on the new standards and requirements, but that you also have the tools to properly apply the new Compilations Standard.
Compilation Engagements – Adopting CSRS 4200: Are you Ready? is a 1-hour course that provides a brief overview of the new standard, with some practical implementation tactics such as communication to clients, impact on fees and new PEG forms.
CSRS – Application of the New Compilations Standard 2022 is a 3-hour course that reviews some of the common issues or questions that have arisen since the implementation. Both courses are taught by Marcus Guenther, MBA, CPA, CA, who is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles. Marcus teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.
AJAG has been in the business of professional development for CPA’s for almost 2 decades. A large part of our success is attributed to the fact that we are owned and operated by two CPAs, who are still in practice themselves. For a full list of our over 100 courses across Tax, Accounting, Assurance, Ethics, and more, click here.
