Compilation engagements – Application of the new CSRS 4200
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General objectiveThis training activity is being offered to update practitioners on the new standard for compilation engagements so that they will have a working knowledge of the standard for application in their practices. The workshop will include discussion of the components of the standard from engagement acceptance to completion and reporting. Time will be spent on major differences from the previous standard and scenarios will be provided to create example working papers and documents to use as examples in practice. The new standard was released in Winter 2020 for application starting with 2021 year-ends. Participants will leave with an understanding of the standard, some working examples and materials to use as a reference in their practices.
By the end of this training activity, participants will be able to:
- apply CSRS 4200 Compilation Engagements in their practices;
- educate clients on the changes to the work done on their compilation engagements and how this improves the professional services they are receiving;
- educate staff on how to implement the standard in practice.
- Introduction to the New CSRS Standard
- Discuss implementation timing / transition
- Differences from previous standard
- Walk-through of Additions to the Standard (including examples, group discussion and creation of working papers / documentation)
- Requirements in Planning
- Communication with the Client
- Compilations and Practice Review
- Practice Review findings common to NTR engagements and how the new standard addresses existing and potential issues
- Compilations and Other Non-Assurance Engagements
- Similarities and differences between compilation engagements and other standards where non-assurance work is provided
The training activity is best suited to new and experienced practitioners performing corporate income tax return and notice to reader financial statement engagements.