PEG - Content Updates (Audit)

The PEG Audit template has been updated to include the latest features from Audit 26.00.

The PEG Audit template includes the updated Financial Reporting Framework (FRF) forms which include the new “Cloud computing arrangements” section. The template also includes all updated content based on CPA Canada PEG Audit Practice Aids up to and including the August 2024 updates.

Known issues

  • INDEX - Presentation and disclosure requirements index may show that there are some FRF 900 forms in progress (when they have not been started) after updating to PEG Audit 2024 (version 26.00). To resolve this issue, open, save and close each of the related FRF 900 forms.

  • FRF 916 (NEW) may appear blank when opened for the first time. To resolve this issue, open the INDEX form, then on the template menu bar, click Generate to regenerate the INDEX form. Verify that FRF 916 is listed prior to reopening it.

  • After updating a file that uses the Compliance profile to the latest version, the file still displays the icon indicating that there is an update. You can disregard the icon as there were no updates to compliance forms this year.

Form updates

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

New forms

Form Numbers Description

FRF 916

Addition of the new ASPE Business combinations form. This form addresses the presentation and disclosure requirements of Section 1582, Business Combinations. Note this form is equivalent to CPA Canada’s form FRF 915.

Forms with major/moderate revisions

Form Numbers Description
FRF 913 A new “Cloud computing arrangements” section was created in FRF 913 to address the presentation and disclosure requirements in new Accounting Guideline AcG-20, Customer’s accounting for cloud computing arrangements, applicable to fiscal years beginning on or after January 1, 2024.
AL7.10 Updated the sample letter based on guidance in the Joint Policy Statement Concerning Communications between Actuaries Involved in the Preparation of Financial Statements and Auditors, which took effect on March 31, 2023.
510 NFP Addition of a new procedure in section G - Measurement/review of financial performance, and updated the risk factors based on the Appendix A of CPA Canada’s form 510 NFP.

Forms with minor revisions

Form Numbers Description
1 (Overview) Replaced document based on updated content.
FRF 905, FRF 906, FRF 907, FRF 908, FRF 909, FRF 910, FRF 911, FRF 912, FRF 914, FRF 971, FRF 972, FRF 973 Minor changes to all FRF forms to reflect ASPE and ASNPO standards (effective for periods beginning on or after January 1, 2024) to improve usability, flow of information and clarity based on the feedback CPA Canada received.
INDEX Updated to include the new FRF 916 form as well as any additional new references.
420.600 Renamed the form to “Component Performance Materiality” (previously “Component Materiality”). Updated the component column of the form tables to populate from the consolidation structure when the client file is using consolidation.
511-1 Added guidance to procedure “Testing operating effectiveness of operating controls” that any identified RAFUITs and GITCs should be added to Form 551.
590.600 Moved table guidance to relevant column headings and updated guidance. Updated the component column of the form tables to populate from the consolidation structure when the client file is using consolidation.
415 New items for Group and Non Consolidated added to the Document menu to replace the tailoring question in guidance for consistency with other menu items.
AL2.2 Updated Appendix A to specify the name of the component auditor partner and replaced “quality control” to “quality management.” Minor change to update a note for Quebec practitioners URL.
AR1.1 New items for Group and Non Consolidated added to the Document menu to replace the tailoring question in guidance for consistency with other menu items.
AL1.7 Minor change to update a note for Quebec practitioners URL.
AL3.1 New items for Group and Non Consolidated added to the Document menu to replace the tailoring question in guidance for consistency with other menu items. Minor change to update a note for Quebec practitioners URL.
AL3.3 New items for Group and Non Consolidated added to the Document menu to replace the tailoring question that was previously added in guidance for consistency with other menu items. Minor change to update a note for Quebec practitioners URL.
350 New items for Group and Non Consolidated added to the Document menu to replace the tailoring question in guidance for consistency with other menu items.

Deleted forms

Form Numbers Description
Toolkit forms A300.600, A400.600, A410.600, A415.600, A510.600, A511.600, A535.600, A600.600, A650.600 All original copies of group audit forms in Word/Excel have been deleted from the Original PEG Forms area. Current original forms can be found in the firm’s PEG subscription.
FRF 915 FRF - International financial reporting standards has been deleted to align with CPA Canada’s updates.