CSRS 4400 Agreed-Upon Procedures Engagements

The finalized Canadian Standard on Related Services (CSRS) 4400, Agreed-Upon Procedures Engagements, was published in the CPA Canada Handbook – Assurance in August 2020.

CSRS 4400 addresses the practitioner’s responsibilities when engaged to perform an agreed-upon procedures engagement; and the form and content of the agreed-upon procedures report. The new guidance applies to the performance of agreed-upon procedures engagements on financial or non-financial subject matters. CSRS 4400 replaces the previous standards which were Section 9100, Reports on the Results of Applying Specified Auditing Procedures to Financial Information other than Financial Statements, and Section 9110, Agreed-Upon Procedures Regarding Internal Control Over Financial Reporting.

The new standards include more detail guidance for acceptance and continuance, agreeing the terms of the engagement, performing the agreed-upon procedures, using the work of a practitioner’s expert, the new agreed-upon procedures report, undertaking an agreed-upon procedures engagement together with another engagement; and documentation.

These changes will impact a variety of engagements conducted by public practitioners in Canada. Notable engagements in British Columbia that will be impacted by these changes are the trust accountant’s reports required by the Law Society of BC and the Real Estate Council of BC.

CSRS 4400 is effective for agreed-upon procedures engagements for which the terms of engagement are agreed on or after January 1, 2022. You can view the finalized standard in Knotia.

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