Compilations - Application of the Standard

Important Note:

This course combines the content of the previously offered courses "Compilations – Overview of the Standard" and "Compilations – Application of the Standard."

Overview: 

A detailed overview of the CSRS 4200 Compilation Standard for new and experienced practitioners. This course will include hands-on opportunities to review the application of the standard to different scenarios and client engagements.

This course provides practitioners with practical application steps and guidance for the ongoing use of CSRS 4200 for compilation engagements. The course will look at the order of events for a compilation engagement.  The course will also include discussion and application of the components of the standard from engagement acceptance, performance, completion and to reporting.  Time will be spent on the major sections of the standard, breaking down the course into sections on planning, performance, and reporting including the creation of working papers and documents to use as examples in practice. You will leave with an understanding of the standard, some working examples, and materials to use as a reference to apply in your practice.

There will be opportunities to apply the standard to different scenarios and make use of different approaches to the application of the standard’s components. This course will also provide best practices for compilation engagements and address frequently asked questions from practitioners with respect to CSRS 4200. 

Course Content:

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

• CSRS 4200 Standard
  • Overview of the standard
  • Order of events in a compilation engagement
  • Walk-through of the standard in detail (including case studies, group discussion, and creation of working papers / documentation / implementation plans)
    • Requirements in Planning
    • Documentation
    • Reporting
    • Communications with the client at different stages of the engagement
• Best Practices for compilation engagements and address FAQs for CSRS 4200 specifically
• Review of References / Materials available for application of the Standard

Learning Objectives: 

Upon completing this course, you should be able to:

• Understand the order of events in a compilation engagement under CSRS 4200
• Apply CSRS 4200 from engagement acceptance to reporting for all compilation engagements in their practices
• Apply CSRS 4200 to a variety of situations including the need to withdraw or events after issuance
• Develop plans to educate clients on the work done on their compilation engagements and how this improves the professional services they are receiving
• Apply best practices in conducting compilation engagements
• Describe what resources are available for practitioners in applying the standard to their practices

Who Will Benefit:

New and experienced practitioners performing corporate income tax returns and compilation of financial statement engagements.