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News from the Canada Revenue Agency UPDATED January 6, 2020
Public Practice - Key Dates for 2019/20
New Compilation Standard Approved
The Auditing and Assurance Standards Board has approved a new 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 is effective for compiled financial information for periods ending on or after December 14, 2021. The final material is expected to be issued into the CPA Canada Handbook in February 2020.
Exposure Draft on NPO Combinations To Be Issued
The Accounting Standards Board is planning to issue an exposure draft in January 2020 to provide guidance on the initial measurement of a combination between not-for-profit organizations.

If you serve the not-for-profit sector, be sure to watch the combinations project page on the FRAS Canada website for more details.
Concerns Raised about Proposed Changes to Quality Management Standards
Read about Canadian practitioner concerns with the proposed international changes to engagement quality management standards in this blog post by Eric Turner, Director of Auditing and Assurance Standards at CPA Canada. Send your comments to Eric directly by email.
Auditing a Federal Election Candidate
Have you been approached to act as the auditor for a candidate in the upcoming federal election? If so, be sure to download the Audit and Assurance Alert: Audit of a Candidate in a Federal Election for a sample engagement letter.

In addition, CPA Canada has published the updated 11th edition of A Guide for the Auditor of a Candidate in a Federal Election Pursuant to the Canada Elections Act. This guide provides detailed guidance on meeting the reporting requirements in the legislation and complying with CPA Canada Handbook standards. The guide is available for purchase ($25) from the CPA Store as an eBook.

Public Practice News & Views Knowledge Base