New Standards for Compilation Engagements

Scott Park, CPA, CA

A new standard for compilation engagements called Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements has been issued by the Auditing and Assurance Standards Board of Canada. This new standard is a significant update to what was previously called a “Notice to Reader” engagement and is effective for compiled financial information for periods ending on or after December 14, 2021.
 
The new standard will affect the work we do for you when you engage us to help you complete your year end financial statements and related tax return.
 
Following the new standard will require us to spend more time on your year end. The standard setters believe that the changes they have made will help users of compiled financial information have a better understanding of the level of work we have performed as well as the underlying basis of the compiled financial information presented.

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