PEG - Content Updates (Audit)

The PEG Audit template has been updated to include the latest features from Audit 27.00.

The updated PEG Audit template includes new forms, modifications of existing forms and a combined engagement letter, as well as updates to the FRF forms. The template also includes all updated content based on CPA Canada PEG Audit Practice Aids up to and including the September 2025 updates.

Known issues

  • New folders "Understanding Service Organizations" (that includes 510-# forms) and "Subservice Organizations" (that includes 516-1* forms) will not be included after updating the engagement files. The folders are available in the master template and any new engagement files created based on the updated master.

  • 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 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
305

Checklist created to specifically address reporting requirements in CAS 580, 700, 705, 706, 710 and 720.
305A

Appendix A in CPA Canada's PEG Form 305 added as 305A.
306

Checklist created to specifically address reporting requirements in CAS 580, 700, 705, 706, 710 and 720.
310-1

New Form 310-1 replaces Form 310. Added various requirements from CAS 700 and reorganized for clarity.
313

Checklist created to specifically address reporting requirements in CAS 580, 700, 705, 706, 710 and 720.
314

Checklist created to specifically address reporting requirements in CAS 580, 700, 705, 706, 710 and 720.
510-1A – 510-1E

Checklists for Third-party organizations based on CPA Canada's PEG Form 510 Appendix B.
510-2

Management handout – Using third-party organizations.
516 / 516-1

Practice aids and guidance to assist audit teams in meeting the requirements relevant to service organizations in accordance with CAS 402 and obtaining relevant information from management.
FRF 900

Replaces FRF 905. Now contains an overview of all FRF checklists and their applicability (including ASNPO)

Forms with major/moderate revisions

Form Numbers Description
510 / 510 NFP

Added identification of third parties and determination of whether any are service organizations in accordance with CAS 402.
312

Added various requirements from CAS 220.
MAP

Revised to reflect the newly created audit practice aids
.001

Revised to reflect the newly created audit practice aids. Added reference to CWI form numbers.
415

Updated the engagement letter to combine removed Forms 415.1A, 415.1B, AL1.2 and AL1.3, as well as updated content from CPA Canada's PEG AL1.1, EL.INS and GL1.1. Letter has been automated and relies on the responses in Optimiser checklist.
AR1.1, AR1.3, AR1.5

Updated guidance and added content relating to Going concern. Changes include changes made by CPA Canada's PEG for Form 300.600 in AR1.1

Forms with minor revisions

Form Numbers Description
Overview

Replaced document based on updated content.
ONEFORM

Updated the form to include new forms and new requirements related to CAS 260 and CAs 700.

FRF 906, FRF 907, FRF 908, FRF 909, FRF 910, FRF 911, FRF 912, FRF 913, FRF 914, FRF 916, FRF 971, FRF 972, FRF 973, INDEX

Minor updates to all FRF checklists to improve usability, flow of information and clarity. FRF 906 reflects new or revised standards effective for periods beginning on or after January 1, 2025:

  • New disclosure requirement for upfront non-refundable fees or payments recognized in revenue (paragraph 3400.35A).

  • New presentation requirement for a business transferred between two enterprises under common control accounted for in accordance with paragraph 3840.44(b).
400

Added question "Compliance framework" for use with Form 415 Engagement letter.
400-1

Added questions "Compliance framework" and "New accounting framework" for use with Form 415 Engagement letter.
FSA

Added new cycle Service Organization Controls ("SOC") needed for new Form 516-1.
Q

Modified the Audit completion reference from Form 310 to Form 310-1.

Deleted forms

Form Numbers Description
310

Replaced by Form 310-1
AL1.2 PRE

No longer relevant as the letter is for periods ending on or before December 14, 2018.
AL1.2

Combined to Form 415 engagement letter
AL1.3 PRE

No longer relevant as the letter is for periods ending on or before December 14, 2018.
AL1.3

Combined to Form 415 engagement letter
415 PRE

No longer relevant as the letter is for periods ending on or before December 14, 2018.
415.1A

Combined to Form 415 engagement letter
415.1B

Combined to Form 415 engagement letter
FRF 905

Replaced by Form FRF 900.