NEW COMPILATION STANDARD COMES INTO EFFECT

After almost 35 years, the standard on compilation engagements has been revised. As a result, compilation engagements, commonly known as ‘Notice to Reader’ engagements, will soon undergo a significant overhaul. The new Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements is effective for periods ending on or after December 14, 2021.

These changes will not only affect practitioners who compile financial statements, but will also affect users of compiled financial statements. Business owners who engage a practitioner to compile their financial statements as well as third parties, including lenders, who receive compiled financial statements should be prepared for the upcoming changes. Learn about the new standard on compilation engagements and how it impacts you in the two user-tailored briefings below.

Management Briefing: You Manage a Business and Engage a Practitioner to Compile Your Financial Information
This briefing will facilitate discussions between management and practitioners on the new  compilation standard. It will help management understand how they meet any requests or requirements from third parties who use compiled financial information.
Third Party Briefing: You Receive Financial Information from a Business with an Attached Notice to Reader, Prepared by an Accountant
This briefing is designed to support discussions between management, third parties, and practitioners on the new compilation standard. It will help third parties understand the nature of a compilation engagement and other services available and inform them of the changes resulting from the new standard.
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