PEG - Content Updates (Review and Compilation)

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

The PEG Review and Compilation template includes the updated Financial Reporting Framework (FRF) forms which now include the new “Cloud computing arrangements” section. The template also includes all updated content based on CPA Canada PEG Review and Compilation 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 Review & Compilation 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.

Form updates

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

Review

New forms

Form Numbers Description

FRF 916

Addition of the new ASPE Business combinations. 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 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.

Forms with minor revisions

Form Numbers Description

Review Map

Minor updates to reflect the quality management terminology in Canadian Standards on Quality Management (CSQM)

1 (Overview)

Replaced document based on updated content.

1-10

Minor updates to reflect the quality management terminology in Canadian Standards on Quality Management (CSQM)

5-10

Minor updates to reflect the quality management terminology in Canadian Standards on Quality Management (CSQM)

5-95

Minor updates to reflect the quality management terminology in Canadian Standards on Quality Management (CSQM)

6-10

CPA Canada updated the terminology based on Canadian Standards on Quality Management (CSQM) which was updated in this form in the template in the 2023 version. Date at the bottom has been modified to match with CPA Canada’s content.

RL1.2

Minor change to update a note for Quebec practitioners URL.

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 form 916 as well as any additional new references.

Deleted forms

Form Numbers Description

FRF 915

FRF - International financial reporting standards has been deleted to align with CPA Canada’s updates.

Compilation

New forms

Form Numbers Description

CL1.3

While not required by CSRS 4200, communication with a predecessor accounting firm may be required by a provincial body/Ordre’s Code of Professional Conduct/Code of Ethics. Letter CL1.3 – Letter to a predecessor accounting firm – Compilation was created for compilation practitioners to use in communication with a predecessor firm, if applicable.

Forms with minor revisions

Form Numbers Description

C3-10

Hyperlinks on this form have been modified to ensure that the links will continue to work when referenced forms have been renumbered.