During this seminar, participants will explore the compilation requirements outlined in the CPA Canada Handbook and the CPA Code of Professional Conduct. Participants will learn how to consistently apply these standards to compilation engagements and how to apply professional judgment when completing and reviewing working paper files. Additional topics will include how “association rules” impact these engagements, whether the practitioner has to be independent, how the standards apply to monthly bookkeeping assignments, and information gathered for tax compliance purposes.

What You Will Learn

By the end of this course, participants will be able to:

  • Explain the professional requirements in the CPA Canada Handbook and CPA Code of Professional Conduct that are relevant to compilation engagements
  • Describe the status of the Auditing and Assurance Standards Board (AASB) project which considers possible revisions to Section 9200 Compilation Engagements
  • Explain the various factors considered when determining if a compilation (or other) engagement is appropriate
  • Describe the types of communications (letters, reports) issued in relation to a compilation engagement, including their format and content
  • Apply professional judgment required to determine the nature and extent of documentation that should be included in the engagement file

What Topics Are Covered

  • Standards and principles as set out in the CPA Handbook and the CPA Code of Professional Conduct
  • Various topics relating specifically to compilation engagements, including relevant communication issues, the impact of: a lack of independence, association rules, providing bookkeeping services, and tax compliance work performed
  • Letters and reports issued with respect to a compilation engagement
  • Documentation which should be included in the working paper file
  • The nature and extent of work to be performed
  • Sample compilation files that provide practical examples with different scenarios
  • Sample compilation and bookkeeping engagement letters, file indices, independence checklists, file review checklists, and other relevant materials

Who Will Benefit

Experienced practitioners and their senior staff with significant public practice experience who would like an overview of the practical issues related to compilation engagements.