Csrs 4200

Accounting and Bookkeeping
1

Does anyone have a link to the actual standard? Also, what professional development has everyone done?

This is my journey so far:

https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/standards-other-than-cas/publications/new-compilation-standard-guidance-resources

I read the alert and implementation tool from CPA.

Read these two articles from Grant Thornton and QB

Additionally, I have purchased Caseware RCT. Below is a useful video if anyone is considering the product. Video is called Using RCT to meet the updated CSRS 4200 Compilation Standards

Finally, QB online has mentioned the compilation engagement under CSRS 4200 can be completed with their software.

2

Well you need to just purchase the CPA handbook from the CPA’s online store

https://www.casso.ca/

and it is all there in black and white

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3

PBA, ATAP, and Knowledge Bureau have developed an alternative standard for non-CPA practitioners called “Veriguide” - no charge for a copy of the actual standard, but you must be a member of one of these organizations. (There are some additional requirements)

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4

Jazzit has a PACT module available, if you don’t like Caseware’s RCT…

(but, you can’t get it unless you have a PACT license/subscription from the CPA Store)

5

Do you have a contact for CaseWare RCT subscription? I’ve tried reaching out via website because I’m interested in trying it out but have not been able to connect with anyone. Also, how are you liking it?

6

I called.

It’s very good, especially for the price. When I signed up they provided a one-time complimentary one-on-one session with a product specialist who walked me through the program - not sure if they still provide that.

FYI I was told caseware no longer provides T2 filing - not sure if that’s still current.
I personally use Taxcycles tax suite which is vastly superior IMO.

7

[/quote]“PBA, ATAP, and Knowledge Bureau have developed an alternative standard for non-CPA practitioners”

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In addition, persons offering services to the public need to be aware of various aspects of PROVINCIAL LAW
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In BC, such Law is:

" The performance of a compilation engagement is included in the “practice of professional accounting,” as set out in subsection 47(1)(c)(i) of the Chartered Professional Accountants Act (CPA Act). Subsection 47(2) of the CPA Act provides that only a CPA member in good standing, a professional accounting corporation, or a registered firm may provide the services referred to in subsection 47(1) of the CPA Act, if authorized by CPABC to do so."
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For reference, CPA BC advises:
" If you are aware, or become aware, of anyone other than a CPABC member in good standing, a professional accounting corporation, or a registered firm performing compilation engagements in British Columbia, please notify CPABC at professionalconduct@bccpa.ca."

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8

Yes, it’s similar in Ontario. The Attorney General was shocked when we pointed it out, and agreed that it should be reviewed. Apparently the statute was passed in a bill that included a dozen other statutes or amendments at the same time, so none of the voting members looked at it very closely. Fortunately, most provinces were not so quick to enact statutes that prevent non-CPA accountants from doing compilations.

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9

The Veriguide™ Accounting Practitioner Compliation Handbook directs the preperation of essential financial statements used for effective business management, tax remittances and bank reporting. https://veriguidestandards.ca/

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10

I believe I heard that the CPA’s were successful in pushing this through in NFLD on their first attempt. As far as I know, they have not gotten it through in NS yet.

Thank goodness I am getting close to retiring after over 5 decades. If it is not more red tape from CRA it is more red tape from organizations trying to force a monopoly across the country. People and businesses should be free to choose whoever they want to look after their affairs. Yes, “buyer be ware”, but I have seen countless thoughtless errors by CA’s just letting their software do the calculations and no human checking the results, just passing things along to the client who has no idea what they are signing off on.

Pat Gamborg

PAT’s OFFICE

1354 Fed Rd.

Bear River NS B0S 1B0

902-467-3358

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11

In Alberta it’s the same proposal. It even went so far as copyrighting the words “professional accountant”. I have been in practice for over forty years with a registered accountant designation from the Guild of Industrial accountants. I have seen too many errors from the so-called professionals, and also too many unethical conduct. It seems that it’s all about the $$$ and not the client’s best interest.

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If they get their monopoly, it will drive a lot of people out of the profession and industry. PBA is fighting this in Alberta (I believe with the help of some other groups). But who knows what will happen, especially considering the size of CPA vs. everyone else? It will also drive prices up for clients, which is (in my mind) not in the public’s best interest.

13

While I’m sure you are correct (as you usually are), the BC law doesn’t actually mention the word Compilation Engagement in those areas of the Act that you refer to; 47(1)(c)(i) nor 47(2) nor 47(1).

It seems that a lay person must make the leap that one of the words “certification, declaration or opinion” include or mean a Compilation Engagement communication.

Considering it is more than a 13,000 word document, presumably written by intelligent people, one would expect they could have made it crystal clear what is and what is not considered offside for a person who doesn’t hold a CPA designation. The word “compilation” is not written once in that entire document. :slightly_smiling_face:

Section 46:

Persons not affected

46 Subject to section 47, this Act does not affect the right of a person who is not a member to practice as an accountant or auditor in British Columbia.

Subsection 47(1)

Professional accounting

47 (1) The practice of professional accounting comprises one or more of the following services:

(a) performing an audit engagement and issuing an auditor’s report in accordance with the standards of professional practice published by the Chartered Professional Accountants of Canada, as amended from time to time, or an audit engagement or a report purporting to be performed or issued, as the case may be, in accordance with those standards;

(b) performing any other assurance engagement and issuing an assurance report in accordance with the standards of professional practice published by the Chartered Professional Accountants of Canada, as amended from time to time, or an assurance engagement or a report purporting to be performed or issued, as the case may be, in accordance with those standards;

(c) issuing any form of certification, declaration or opinion with respect to information related to a financial statement or any part of a financial statement, on the application of

(i) financial reporting standards published by the Chartered Professional Accountants of Canada, as amended from time to time, or

(ii) specified auditing procedures in accordance with standards published by the Chartered Professional Accountants of Canada, as amended from time to time.

(2) A person must not provide or perform the services referred to in subsection (1) other than the following persons if those persons are authorized by the CPABC to do so:

(a) a chartered professional accountant member in good standing;

(b) a professional accounting corporation;

(c) a registered firm.

Subsection 47(2)

(2) A person must not provide or perform the services referred to in subsection (1) other than the following persons if those persons are authorized by the CPABC to do so:

(a) a chartered professional accountant member in good standing;

(b) a professional accounting corporation;

(c) a registered firm.

Subsection 47(3)

(3) Subsection (2) does not apply to the following:

(a) a member who is not authorized by the CPABC to provide or perform the services referred to in subsection (1) or a student, if the member or student is providing or performing those services under the direct supervision and control of any of the following persons if those persons are authorized by the CPABC to provide and perform those services:

(i) a chartered professional accountant member in good standing;

(ii) a professional accounting corporation;

(iii) a registered firm;

(b) a person performing a service for academic research or teaching purposes and not for the purpose of providing advice to a particular person;

(c) an employee in relation to services provided to her or his employer or in her or his capacity as an employee of an employer that is not a registered firm;

(d) a person providing advice based directly on a declaration, certification or opinion of any of the following persons if those persons are authorized by the CPABC to provide and perform the services referred to in subsection (1):

(i) a chartered professional accountant member in good standing;

(ii) a professional accounting corporation;

(iii) a registered firm;

(e) a person providing bookkeeping services, consulting services or income tax return preparation and processing services that do not purport to be based on the standards of the Chartered Professional Accountants of Canada;

(f) a person acting pursuant to the authority of any other Act.

(… except an Act such as the Canadian Charter of Rights and Freedoms, which, under Mobility Rights allow a Canadian to live or seek work anywhere in Canada)

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14

I was thinking the same thing. Section 46 wouldn’t mean anything if compilations were included in section 47.

Anyway, I just made sure that my engagement letter and F/S say that the F/S are solely for internal use by management.

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15

My reading of this seems to be that it is only applicable to Audits and Reviews. Please correct me if I am wrong.