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 and provides a comparison with the previous standard.  Provides best practices for compilation engagements and addresses frequently asked questions from practitioners with respect to CSRS 4200.

Topics Include:

Introduction to the CSRS 4200 Standard

• Discuss implementation and improvement in processes
• 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

• Next Steps
• Creation of Implementation and Improvement Plans
• Review of References / Materials Available for Implementation and Improvement

Learning Objectives

By the end of this course, participants should 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

Applicable for

New and experienced practitioners performing corporate income tax return and compilation of financial statements engagements.

Prerequisites: Knowledge, Experience or Courses:

None required but experience preparing compilation engagements is an asset.

What to Expect

• An email will be sent from CPA Manitoba to the participant within two business days of registration. The email will include information on how to access the course along with the necessary login credentials.
• Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal.
• This course is designed for participants to view while following along with the course material provided.
• This self-study course allows the user to save their progress and return to continue later.

Registration is for this course is open until March 31, 2024 and should be completed by August 31, 2024, after this time, access to the course will no longer be available.

To receive a certificate, participants must complete a quiz at the end of the course. Unlimited quiz attempts are available until the passing grade of 70% or better is achieved. After this you will no longer have access to the quiz.