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Keeping track of changes and developments in GST/HST, Quebec sales tax and other provincial sales taxes across Canada, can be a full-time job. The consequences for failing to adequately manage your organization’s sales tax obligations can be significant - from assessments, to forgone recoveries and cash flow implications, to customer or reputational risk.
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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.
What you need to know about CSRS 4200
The most significant changes include:
- The services that fall under the definition of a compilation engagement have been more clearly defined. This may impact whether a compilation engagement is required.
- A new note describing the basis of accounting must be included with the compiled financial information.
- A new compilation engagement report will replace the existing Notice to Reader communication under Section 9200 Compilation Engagements.
- A minimum level of documentation is now required as well as certain acknowledgements from management.
In the following article, our advisors offer guidance to help management navigate this significant change, including:
- Why the new standard is needed and its benefits
- A summary of expected changes to the delivery of compilation engagements
- An outline of the basis of accounting note requirement
- Discussing the basis of accounting with third party users of the financial information
- What will be included in the new compilation engagement report
- Determining if a compilation engagement is right for you
Changes to Canada's compilation engagement standard
This article outlines the new Canadian Standard on Related Services (CSRS) 4200 Compilation Engagements for management.
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