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.