Compilation Engagements (Amendments to Section 9200) [Completed]

Effective date:

CSRS 4200 will be effective for compiled financial information for periods ending on or after December 14, 2021. The AASB added the new Section CSRS 4200 to the Hand­book in Feb­ru­ary 2020.

Last up­dated:

February 2020


Cana­dian prac­ti­tion­ers had in­di­cated that there was a need for a clar­i­fied stan­dard that would bet­ter meet their needs by pro­vid­ing re­quire­ments and guid­ance on spe­cific mat­ters that have caused con­fu­sion and am­bi­gu­ity in per­form­ing com­pi­la­tion en­gage­ments.

Accordingly, as part of this project, the Board required its staff to: (i) con­duct re­search on ex­am­ples of com­piled fi­nan­cial state­ments is­sued by pub­lic ac­coun­tants; and (ii) hold con­sul­ta­tions with bankers and other lenders, le­gal coun­sel and As­so­ci­a­tion of In­sured Char­tered Ac­coun­tants and prac­ti­tion­ers. Key is­sues ad­dressed also in­cluded: (iii) the per­cep­tion of the mar­ket­place with re­spect to the level of as­sur­ance taken ver­sus as­sur­ance given; and (iv) the use­ful­ness of fi­nan­cial state­ments com­piled us­ing a gen­er­ally ac­cepted fi­nan­cial re­port­ing frame­work ver­sus a less rig­or­ous frame­work or no frame­work.

The pro­ject, thus, in­cluded de­ter­min­ing the na­ture and ex­tent of re­vi­sions that should be made to Sec­tion 9200, Com­pi­la­tion En­gage­mentsand considering adop­tion of In­ter­na­tional Stan­dard on Re­lated Ser­vices (ISRS) 4410 (Re­vised), Com­pi­la­tion En­gage­ments, which was is­sued by the IAASB in March 2012. ISRS 4410 (Re­vised) is ef­fec­tive for com­pi­la­tion en­gage­ment re­ports dated on or af­ter July 1, 2013.

On Sep­tem­ber 4, 2018, the AASB is­sued an Ex­po­sure Draft of a pro­posed new stan­dard deal­ing with en­gage­ments to com­pile fi­nan­cial in­for­ma­tion that would re­place the ex­ist­ing Sec­tion 9200, Com­pi­la­tion En­gage­ments. Stake­hold­ers were en­cour­aged to sub­mit their com­ments by No­vem­ber 30, 2018.

At its meeting on October 7-8, 2019, the AASB approved Canadian Standard on Related Services (CSRS) 4200, Compilation Engagements. CSRS 4200 will replace Section 9200, Compilation Engagements, and Assurance and Related Services Guideline (AuG) 5, Compilation Engagements – Financial Statement Disclosures. CSRS 4200 will be effective for compiled financial information for periods ending on or after December 14, 2021.

The AASB concluded that the revisions to the standard were significantly different from the proposals in its Exposure Draft, “Compilation Engagements." The Board decided not to re-expose the changes as they do not significantly increase the practitioner’s work effort and responsibility. The Board concluded re-exposure would not reveal any new information of which it had not already been made aware. Re-exposure would also unnecessarily delay the implementation of the standard.

Following confirmation by the Au­dit­ing and As­sur­ance Stan­dards Over­sight Coun­cil that the AASB had fol­lowed due process with proper re­gard for the pub­lic in­ter­est with respect to the new standard, the AASB added the new Section CSRS 4200 to the Handbook in February 2020.


Other developments

February 2020

In February 2020, the AASB added the new Section CSRS 4200 to the Handbook.

January 2020

On January 31, 2020, the AASB released the Basis for Conclusions, which summarizes the process the AASB followed in issuing CSRS 4200, Compilation Engagements, and the Board’s conclusions regarding significant comments received in response to its Exposure Draft.

July 2019

In July 2019, the AASB staff updated this project to note that the Board expects to finalize the Handbook material in Q4/2019.

September 2018

On September 4, 2018, the AASB issued an Exposure Draft of a proposed new standard dealing with engagements to compile financial information that would replace the existing Section 9200, Compilation Engagements. Stakeholders are encouraged to submit their comments by November 30, 2018.

June 2018

In June 2018, the AASB staff updated this project to indicate that the AASB expects to issue an exposure draft in Q3/2018.

June 2013

In June 2013, the AASB discussed the results of the its User Survey and asked staff and the Task Force to consider holding further consultations with users of compiled financial statements and possibly practitioners, to obtain more in-depth feedback on issues identified by the survey.

November 2012

In November 2012, the AASB issued a User Survey to lending officers to obtain their views on compiled financial statements, accompanied by a Notice to Reader, and their significance in making lending decisions for SMEs.  Comments requested by December 7, 2012.

March 2012

In March 2012, the IAASB issued a Press Release and ISRS 4410 (Revised) together with a staff-prepared Basis for Conclusions document.

December 2011

In December 2011, the IAASB approved ISRE 4410 (Revised).

September 2011

In September 2011, the AASB discussed matters related to the IAASB’s project to revise ISRS 4410. The AASB also approved a project proposal to revise its Section 9200. Initially, this project focused on conducting research to obtain the views of users of compiled financial statements on whether their needs are being met.

November 2010

In November 2010, the AASB issued an ITC to encourage Canadian stakeholders to provide input on the IAASB’s recent ED of proposed ISRS 4410 (Revised).  To assist stakeholders, the Appendix to the ITC compares key aspects of the proposed ISRS 4410 (Revised) and current Section 9200.  These differences relate to the following issues: identification of the purpose (use) of the financial statements; identification of the applicable financial reporting framework; acknowledgment by management of its responsibilities; applicability of quality control standards; documentation; and the practitioner’s compilation report.  Comments requested by February 1, 2011.


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