There is a new Compilation Engagement reporting standard, also known as the Canadian Standard for Related Services (CSRS) 4200, effective for compiled financial information for periods ending on or after December 14, 2021.
This standard updates Compilation Engagement requirements from acceptance of the engagement to reporting that will affect practitioners, clients, and third-party users of compiled financial statements. As CPAs, Gallo LLP will adhere to this new standard. It will help provide more clear and useful information for the users of compiled financial statements and help us, practitioners, ensure that there is more consistency in the work done on compilation engagements. What this means for you is that we will need to estimate a longer lead time to prepare your Compilation Engagement, and we will need to ask more questions that we likely have not had to before. We would gladly walk you through the updates based on the new standard.
Feel free to reach out to our team at 780-900-4557 for any questions.