Compilations - Overview of CSRS 4200

CPD Hours: 3.5 |

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Compilations - Overview of CSRS 4200
Compilations - Overview of CSRS 4200

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Summary

    Formerly Titled: Compilation Engagements - Overview of the New Standard (CSRS 4200)

    Overview:

    This course provides 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 provides 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.

     

     

    Course Content: 

    In this course, you will gain knowledge about the following topics:

    • 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
    • Key considerations for designing an implementation plan

     

    Learning Objectives: 

    Upon completing this course, you should be able to:

    • 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

     

    Who Will Benefit:

    Public practitioners and CPAs employed in public practice that conduct compilation engagements who wish to learn about the new standard, how it may affect their current processes, and how to start preparing to ensure an eventual successful implementation.

     

    Testimonials: 

    The course covered the topic in the right amount of depth, and the course materials are well organized. The instructors leading the session had great depth of knowledge and practical experiences, and the questions asked were answered in a well-thought-out manner. I would recommend this course to anyone that hasn't had a chance to dive deep into the new standards and start planning for the change in their offices.  Sheena

    This course provided an overview, as expected, and was well laid out and delivered. I would highly recommend anyone wanting to understand the changes to CSRS 4200 to take this course.  Jennifer Drvaric  CPA, CGA

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