PEG - Content Updates (Audit)

The PEG Audit template has been updated to include the latest features from Audit 25.00.

Changes include:

  • Updates to Financial Reporting Framework (FRF) forms to reflect current standards for ASPE and NFPO, to improve usability, flow of information and clarity based on the feedback CPA Canada received from various stakeholders.

  • Updates to PEG forms to reflect revised CAS 600, Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors), effective for audits and financial statements for periods beginning on or after December 15, 2023.

Known issues

  • After updating to PEG Audit 2023 (version 25.00), the INDEX - Presentation and disclosure requirements index may show that there are some FRF 900 forms in progress (when they have not been started). To resolve this issue, open, save and close the related FRF 900 forms.

  • After a Year End Close, sub procedures in Form 410 do not display the correct numbering. To work around this issue, right-click on the sub procedure and deselect Procedure number, then reselect it. It will correct the numbering.

  • After updating to PEG Audit 2023 (version 25.00), metadata in Caseware Q no longer updates automatically in client files created using the master template. The option has been disabled by default as it causes performance issues for users who do not use Q. To re-enable automatic updates:

    1. Open Q.

    2. From the top menu, select Firm settings, then 10. Update options.

    3. Select Update metadata automatically when the engagement file is closed.

Form updates

The following describes the content updates to PEG forms, with an explanation of why changes were made.

New forms

Form Numbers Description

FRF 973

Addition of a new form 973 Worksheet FRF - ASPNO - Combinations by NFPO. This form addresses the presentation and disclosure requirements of Section 4449, Combinations by Not-for-Profit Organizations.

335-1.600

New form added for CAS 600 (from PEG Original Form 335.600).

300.600

New form added for CAS 600.

410G.600

New guidance form added for CAS 600 (from PEG Original Form 410 Appendix B).

425.600

New form added for CAS 600 (from PEG Original Form 415.600).

405.600

New form added for CAS 600 (from PEG Original Form 400.600).

420.600

New form added for CAS 600.

421.600

New automatic form added for CAS 600.

590-1

New checklist for Stand-back assessment procedures (from PEG Original Form 590).

590.600

New form added for CAS 600.

600.600

New form added for CAS 600.

Toolkit forms A300.600, A335.600, A400.600, A410.600, A415.600, A420.600, A510.600, A511.600, A535.600, A590.600, A600.600, A650.600

All original copies of group audit forms in Word/Excel have been added to the Original PEG Forms area.

Deleted forms

Form Numbers Description
445 Group audit planning: Deleted. Not applicable for revised CAS 600.

Forms with major/moderate revisions

Form Numbers Description

400

Optimiser checklist updated for Group Audit and Component Auditors. Minor changes made to guidance.

INDEX, all FRF forms FRF 905-FRF 915, FRF 971, FRF 972.

Changes to FRF forms to reflect current standards for ASPE and NFPO, to improve usability, flow of information and clarity.

MAP

PEG Audit map updated to the latest content from CPA Canada.

ONEFORM

Updated areas in the OneForm for group audits.

350

Management representation letter updated to include the group audit version (from PEG Original Form AL4.1.600).

AR1.1

Management representation letter updated to include the group audit version (from PEG Original Form 300.600 Appendix).

AL2.1

Letter to component auditor updated to include group audit content.

AL2.2

Instructions for a component auditor and form of acknowledgement updated to include group audit content.

AL3.1

Audit planning letter updated to include group audit content.

AL3.3

Audit findings updated to include group audit content.

410

New or existing engagement - Acceptance / Continuance updated to include group audit content (From PEG Original Form 410.600).

415

Engagement letter updated to include group audit content (from PEG Original Form 410.600 Appendix).

510 / 510 NFP

Identifying risk through understanding the entity has been updated to include the group audit version (from PEG Original Form 510.600).

511 / 511-1

Understanding the group IT environment updated to include group audit content (from PEG Original Form 511.600).

535

Understanding the information system and communication updated to include group audit content (from PEG Original Form 535.600).

550, 550.-1, 550.-1 NFP, 550.-2, 550.-2 NFP, 550.-3, 550.-4, 551

Updated the views to include the Component column. Control dialog includes a field to select the Component from Consolidation listing.

520E

Updated the views to include the Component column. Risk dialog includes a field to select the Component from Consolidation listing.

360.

Updated the views to include the Component column. Reportable items dialog includes a field to select the Component from Consolidation listing.

650

Subsequent events updated to include group audit content (from PEG Original Form 650.600).

1 (Overview)

Replaced document based on updated CPA Canada PEG content.

001

PEG Index form updated to the latest content from CPA Canada, and moved location to Original PEG Forms.

Forms with minor revisions

Form Numbers Description
All work programs A.100 - UU.110 C.100 NFP - TT.100 NFP 705 - 735, 705 NFP SUP1, SUP2 Updated occurrences of CaseWare to Caseware.
410CR EQCR (Engagement quality control review) changed to EQR (Engagement quality review).
430 EQCR (Engagement quality control review) changed to EQR (Engagement quality review).
436 Minor terminology updates including EQCR (Engagement quality control review) changed to EQR (Engagement quality review) and CaseWare to Caseware.
335, 320, 330, 370, 375, 430, 440, 436-1, 450, 451, 420, 500, 501, 507-1, 508, 509, 513, 514, 515-1, 525, 575, 610, 614, 615, 630, 655, 582, 675 Updated occurrences of CaseWare to Caseware.
3-10 Updated terminology from joint venture to joint arrangements.
Q EQCR (Engagement quality control review) wording changed to EQR (Engagement quality review) Modified update options to not update metadata automatically when the engagement file is closed in the master file.