EVENT DESCRIPTION

NOTE: This course description has been revised and reflects updates for 2021. If you have any questions, please contact pdevents@cpaontario.ca

SCHEDULE

  • Tuesday, October 26th, 2021, 1:00pm - 5:00pm
  • Wednesday, October 27th, 2021, 1:00pm - 5:00pm
  • An overview of the new CSRS 4200 Compilation Standard for new and experienced practitioners. This seminar will include hands on opportunities to review application of standard to different scenarios, comparison with previous standard and with other non-assurance standards.

    This seminar updates practitioners on the new standard for compilation engagements so that they will have a working knowledge of the standard for application in their practices. The seminar will include discussion and application of the components of the standard from engagement acceptance to completion and reporting. Time will be spent on major differences from the previous standard and scenarios will be provided to create example working papers and documents to use as examples in practice. The new standard was released in Winter 2020 for application starting with 2021 year-ends. Participants will leave with an understanding of the standard, some working examples and materials to use as a reference to apply in their practices and an implementation plan to get started with CSRS 4200.

    Overview of the CSRS 4200 compilation standard for new and experienced practitioners. Hands on opportunities to apply the standard to different scenarios, provides a comparison with the previous standard and with other non-assurance standards. Provides best practices for compilation engagements and addresses frequently asked questions from practitioners with respect to CSRS 4200.

    PREREQUISITE KNOWLEDGE

    None required but experience preparing compilation engagements is an asset.

    KEY TAKEAWAYS

    • Through use of illustrative examples, apply CSRS 4200 from engagement acceptance to reporting for all compilation engagements in their practices
    • Through use of illustrative examples, apply CSRS 4200 to a variety of situations including need to withdraw or events after issuance
    • Through the use of course tools, develop plans to educate clients on the changes to the work done and related reporting on their compilation engagements and how this improves the professional services they are receiving
    • Through the use of course tools, create education plans for firm staff on how to implement the standard in practice
    • Understand and apply best practices in conducting compilation engagements
    • Understand other non-assurance engagements and related changes to standards affecting practitioners working in related services engagements
    • Introduction to the CSRS 4200 Standard
    • Discuss implementation timing / transition
    • Differences from previous standard
    • Walk-through of Additions to the Standard (including case studies, group discussion and creation of working papers / documentation / implementation plans)
    • Requirements in Planning
    • Documentation
    • Reporting
    • Communication with the Client
    • Compilations and Practice Review
    • Practice Review findings common to compilation engagements and how the new standard addresses existing and potential issues
    • Best Practices for compilation engagements and address FAQs for CSRS 4200 specifically
    • Compilations and Other Non-Assurance Engagements
    • Brief review of similarities and differences between compilation engagements and other current standards where non-assurance work is provided (CSRS 4400, CSRS 4460, AuG-16 and CSQM1)

    WHO WILL BENEFIT

    New and experienced practitioners performing corporate income tax return and notice to reader financial statement engagements.