New Compilation Standard (CSRS 4200) Published

The new compilation engagement standard, Canadian Standard on Related Services (CSRS) 4200, was published in the CPA Canada Handbook on February 3, 2020.

This new standard represents the most significant change to compilation engagement standards since they first came into effect in 1988.  Accounting practices and the use of compiled financial information, particularly by third party users, has changed significantly over the last three decades and this was the primary catalyst for a new standard.

The new compilation engagement standard represents a comprehensive change when compared to the preexisting standards and will impact various areas of a compilation engagement such as:

  • The scope of when a compilation is required;
  • How a compilation engagement is accepted;
  • Consideration of the use of the compiled financial information by third parties;
  • The inclusion of a required note disclosure on the basis of accounting applied;
  • New documentation requirements, including that of the practitioner’s knowledge of the entity’s:
    • Business and operations;
    • Accounting systems and records;
    • The basis of accounting to be applied;
  • A new Compilation Engagement Report that replaces the existing Notice to Reader (NTR) communication.

The new standard is effective for compiled financial information for periods ending on or after December 14, 2021.



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