Important changes to Canadian standards on compiled financial results (CSRS 4200)

CPA Canada (The Chartered Professional Accountants of Canada) has updated the standards regarding compiled financial information. The new accounting standard is called Canadian Standard Related Services (CSRS) 4200 – Compilation Engagements.

The updated rules more clearly define what work should be performed by a chartered professional accountant (CPA) when engaged to perform a compilation engagement on financial information. 

Why this was done

It has been more than 30 years since CPA Canada made a change to this standard, which is intended to improve the usefulness of compiled financial information for companies and any third-party users (e.g. financial lenders, investors). The new standard also more clearly defines what work should be performed by a CPA professional and what responsibilities fall to a company’s management team.