Compilation Engagements: Application of the New CSRS 4200

Compilation Engagements: Application of the New CSRS 4200
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DL22230081

Recorded: October 2021 

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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

LEARNING OBJECTIVES

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

  • 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

CONTENT

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)
    Next Steps:
  • Creation of Implementation Plans
  • Review of References / Materials Available for Implementation

Next Steps

  • Creation of Implementation Plans
  • Review of References / Materials Available for Implementation

WHO WILL BENEFIT
New and experienced practitioners performing corporate income tax return and notice to reader financial statement engagements

CPD-7 Hours( 3 Ethics hours)

When
4/1/2022 - 3/31/2023 11:59 PM
Where
On-demand