in reply to
How can we check whether latest version module is compatible with our code?
Just test it. ;-) And possibly also read the documentation which might give some clues. No other way around. Or, at least, we can't say more, especially when we have no idea whatsoever about what your script does and which module you are talking about. Most of the time, module authors will try to keep the interface valid and to keep the existing functionalities (and possibly adding new ones), so that that a new version of the module should work at least the same way as the older ones, but this is far from being guaranteed for a number of reasons (need to improve a faulty the interface, dependencies on other modules, etc.).