2021 UPDATE CSRS 4200 - Compilation Engagement

This On-demand/Online recorded webinar will provide the participants with an overview and application of the requirements of the new Canadian Standard for Related Services (CSRS) 4200 and will discuss what is its impact on the planning, implementation, documentation and reporting for a compilation engagement.  This course provides practitioners and those working in public practice with a comprehensive overview and application of the new standards. The course also discusses the key considerations and best practices for practitioners to develop a successful implementation plan and strategy for when the new standard becomes effective.

(Total CPD 5hr)



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Description

This On-demand/Online Recorded webinar offers 5 CPD hrs and will provide the participants with an overview and application of the requirements of the new Canadian Standard for Related Services (CSRS) 4200 for preparing NTR [Notice to Reader] and Compilation engagements and will discuss what is its impact on the planning, implementation, documentation and reporting for a Compilation engagement.


The new compilation engagement standard, Canadian Standard for Related Services (CSRS) 4200 – Compilation Engagements was issued in the CPA Canada Handbook – Assurance on February 3, 2020. It is effective for periods ending on or after December 14, 2021 (with early application permitted)


This course provides practitioners and those working in public practice with a comprehensive overview and application of the new NTR & compilation standards. The course also discusses the key considerations and best practices for practitioners to develop a successful implementation plan and strategy for when the new standard becomes effective.



      

Course Content:


    • A background and why the change was required to the compilation engagement standards;
    • Defined terms used throughout CSRS 4200 such as professional judgment, relevant ethical requirements, and a basis of accounting;
    • The revised scope of compilation engagements under the new standard and what services are specifically out of scope;
    • Engagement acceptance and continuance including when the compiled financial information is intended to be used by a third party;
    • Performing the engagement under CSRS 4200, including:
      • Preparing the compiled financial information
      • Discussions with management regarding significant judgments; and
      • Engagement documentation requirements;
      • The compilation engagement report, other reporting requirements and the date of the practitioner’s report; and
      • Key considerations for designing your implementation plan.


The practitioner’s knowledge;


    • Implementation timing / transition
    • Compare differences from the previous standard
    • Requirements in Planning, Documentation, Reporting, Communication with the Client.
    • Compilations and Other Non-Assurance Engagements:
    • Similarities and differences between compilation engagements and other standards where non-assurance work is provided
    • Compilations and Best Practices:
    • Practice Review findings common to compilation engagements and how the new standard addresses existing and potential issues


PROMO VIDEO


What you will learn?

    • Describe the requirements of the new standard and the differences from the current standard
    • 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
    • Identify the elements of the engagement that will be most impacted by the new standard
    • Assess the impact of the new standard on the work to be performed and documented
    • Educate staff on how to implement the standard in practice

How it impacts you?

  • This standard updates compilation engagement requirements for the first time in over 30 years and involves significant changes from acceptance of the engagement through to reporting that will affect practitioners, clients and third-party users of compiled financial statements.
  • This standard will ensure there is more consistency amongst practitioners in the work done on compilation engagements, the understanding of the client and setting out the specifics for a compilation engagement.
  • This standard will help provide more clear and useful information for the users of compiled financial statements and help practitioners clearly delineate the work they have done on the financial statements from management’s responsibility for the financial information.

OTHER ONLINE AND ON-DEMAND RELATED COURSE 





Course Walkthrough

  • Presentation Slides and Course material
  • CSRS 4200 - Introduction and Scope
  • CSRS 4200 - Components and Application
  • CSRS 4200 - Engagement Acceptance and Continuance
  • CSRS 4200 - Performing Compilation Engagement
  • CSRS 4200 - Compilation Engagement Report
  • CSRS 4200 - Practice Review & Best Practices for CPAs
  • CSRS 4200 - Designing an Implementation Plan and Common Q & A
  • CSRS 4200 - Tips for Working paper file documentation – Best Practice
  • Your Feedback is important
  • Certificate of Completion

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