PEG - Content Updates (Review and Compilation)

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

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

Known issues

  • The letter CL1.2 (former C350) was moved from the Completion documents folder to Sample letters in the master template only. When updating engagement files, the letter will be renumbered to CL1.2 but will remain in the previous location (Completion documents). The letter can be moved to the proper location manually.

  • 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 Review & Compilation 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.

Form updates

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

Review

Forms with major/moderate revisions

Form Numbers Description

RL1.1

Combined deleted letters RL1.1A and RL1.1B, as well as updated the letter based on CPA Canada's PEG RL1.1 and EL.INS.

Forms with minor revisions

Form Numbers Description

Overview

Replaced document based on updated content.

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).

Deleted forms

Form Numbers Description

RL1.1A

Combined with RL1.1 Engagement letter.
RL1.1B Combined with RL1.1 Engagement letter.

Compilation

Forms with major/moderate revisions

Form Numbers Description

CL1.1-1

Updated content to CPA Canada's PEG form CL1.1.

Forms with minor revisions

Form Numbers Description

CL1.2

Renumbered from C350 to CL1.2 and moved location from Completion documents folder to Sample letters folder in the master template. Updated to CPA Canada's PEG content.