For the first time in over 30 years, the Auditing and Assurance Standards Board has issued a new standard on compilation engagements, Canadian Standard on Related Services (CSRS) 4200 Compilation Engagements. The new standard is effective for periods ending on or after December 14, 2021, and will impact all users of compiled financial information, including third-party users such as lenders, suppliers and purchasers of a business.  

In the following article, our advisors offer guidance to help users of compiled financial information navigate this significant change, including:  

  • An overview of the significant changes
  • How the new standard will help third-party users
  • Determining if a compilation engagement meets your needs
  • What will be included in the new compilation report 
  • An outline of the basis of accounting note requirement
  • Discussing the basis of accounting with management