Implement the 4200 Compilation standards
Caseware RCT is compliant with the 2020 PEG content updates which include the CSRS 4200 standards.
The new standards for compilation engagements are effective for periods ending on or after December 14, 2021 - however, firms can apply them earlier.
The following excerpt from CPA Canada's 2020 PEG updates shows the forms that have been developed to meet the new standard.
Here is the list of documents that have been added in Caseware RCT following the new CSRS 4200 standard.
|1.1 Engagement acceptance/continuance||Checklist||To use as the engagement acceptance / continuance checklist for compilation engagements following the CSRS 4200 standard|
|2.10 Knowledge of the entity||Checklist||To document knowledge of the entity in accordance with CSRS 4200|
|2.90 Worksheet - Time budget||Worksheet||To document the time budget for the engagement|
|3.10 Completion checklist||Checklist||To ensure that the requirements of CSRS 4200 have been met prior to issuing the engagement report|
|3.90 Worksheet - Withdrawal||Checklist||To provide the documentation requirement when it is considered necessary to withdraw from the engagement|
|3.95 Report Transmittal||Checklist||To document the process for approving and issuing the engagement report|
|1.10 Compilation engagement letter||Letter||To use as the engagement letter for performing the compilation|
|1.20 Management acknowledgment of responsibilities||Letter||To use as the management acknowledgment letter as required by CSRS 4200 when the engagement letter is signed by those charged with governance|
|Compilation engagement report||Report||To be used as the compilation engagement report following CSRS 4200. Note that the compilation engagement report in RCT is included in 6-20 Financial statements document|
To learn more, download CPA Canada's 2020 PEG updates. Note that you need to be a PEG subscriber through CPA Canada.
To implement the 4200 standards, respond Yes in the Planning Optimiser question Would you like to use the new CSRS 4200 standards?
If you don't want to apply the new standards, respond No to have the 9200 standards applied instead
You can view or download the CPA Compilation Map PDF
Once you select Yes, the CSRS 4200 forms become available in the engagement.
For more details on the implementation of the 4200 standards, download the PDF. Note that you need to be a PEG subscriber through CPA Canada.