![]() “Compilation engagements are one of the most frequent services offered by practitioners across Canada. Under the new standard, determining whether a compilation engagement is required will depend on your client’s needs and the service rendered. KNOWING WHEN A COMPILATION ENGAGEMENT IS REQUIRED Resources: New compilation standard: Guidance resources.Resources: Compilation engagements: Resources to help you get ready. ![]() ![]() “It didn’t entirely meet the needs of stakeholders,” says Berger. And after consulting extensively with stakeholders, including practitioners, and end users such as loan officers, the AASB determined that the standard was outdated for the current environment. (Plus, see our sidebar below about the new quality management standards coming into effect for related services engagements as of December 15, 2023.) WHY UPDATES WERE NEEDEDĪs Berger points out, the previous section 9200 had been in place for almost 35 years, so there was naturally a need to reassess its relevance. Here, experts explain the reasoning behind the new CSRS 4200 and some of the main differences when compared with the previous standard. “For some practitioners, this will be a big change, so it’s important that they understand how the new standard impacts their current engagements,” says Svetlana Berger, CPA, an associate director for the Auditing and Assurance Standards Board (AASB) and lead behind the CSRS 4200 standard project. The new standard is effective for compiled financial information for periods ending on or after December 14, 2021. It differs from the previous standard in several respects for example, it clarifies the scope of a compilation engagement (service rendered) and includes more specifics about the required work effort and documentation. Practitioners who perform compilation engagements will want to familiarize themselves with a new standard issued by the Auditing and Assurance Standards Board (AASB).Ĭanadian Standard on Related Services (CSRS) 4200 updates the requirements for accepting, conducting and reporting on compilation engagements. Compilation engagements are one of the most frequent services offered by practitioners across Canada
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