PEG - Content Updates (Review and Compilation)

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

The updated PEG Review template includes the updated Financial Reporting Framework (FRF) forms, updates to forms based on CPA Canada content and minor changes to terminology. The updates to PEG Compilation profile includes removal of Section 9200 profile during creation of the engagement file, deletion of forms relating to Section 9200, as well as updates based on CPA Canada content and minor changes to terminology.

Known issues

  • Client files that were created using the Section 9200 profile will report an error when trying to update to version 2023. This is because the Section 9200 profile has been removed from the PEG Review and Compilation template. Create a new engagement file using the CSRS 4200 profile and import data from the existing client file. Once the new file is created, copy relevant Word, Excel and PDF documents from the previous file:

    1. From the ribbon, click File | Copy Components | Copy Into This File. Locate the engagement file to copy from, then click Next.

    2. Under The following components, select Deselect All, then select the relevant Word, Excel and PDF documents that you wish to copy. Click Next.

    3. Click Next, then Finish to complete the copy process.

  • 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 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.

Review

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.

Forms with moderate revisions

Form Numbers Description

1 (Overview)

Replaced document based on updated CPA Canada PEG content.

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

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

1-20

Updated quality management terminology in accordance with new standard CSQM 1.

2-05-1

Fixed the "Those charged with governance" table to allow response within the table.

2-05-2

Updated Understanding Purchase Transactions section to ensure processes for disposal of assets are also considered and documented.

5-10

Updated quality management terminology in accordance with new standard CSQM 1.

Forms with minor revisions

Form Numbers Description

1-10, 6-10

EQCR (Engagement quality control review) wording changed to EQR (Engagement quality review).

2-05-1 NFP, N-05-2 NFP, 2-10, 2-90, 2-91

Minor changes were made where the guidance name "CaseWare Document Tips" was changed to "Document Tips".

RL1.1, RL1.1A, RL1.1B, RL1.3, RL2.2, OL3.3

Updated the URL in the guidance for Quebec practitioners to the correct location.

3-90, 3-91-1, 3-93-1, 3-96, 3-96A

Minor changes were made where the guidance name "CaseWare Document Tips" was changed to "Document Tips".

4-10, 5-90

Minor changes were made where the guidance name "CaseWare Document Tips" was changed to "Document Tips".

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.

Compilation

Forms with moderate revisions

Form Numbers Description
1 (Overview) Replaced document based on updated CPA Canada PEG content.
C1-10 Additional procedures were added to address Quality Management and Engagement Risk Factors.

Forms with minor revisions

Form Numbers Description

C3-10

Minor changes to improve usability and clarity.

CL1-1.1

Minor changes to improve usability and clarity.

C2-10

Minor changes to formatting and guidance.

CE1.1

Updated the letter to add singular / plural functionality.

Deleted forms

Forms relating to Section 9200 have been removed.

Form Numbers Description

COMP MAP

The PEG 3-step compilation approach for Section 9200.

CL1.1

Compilation engagement letter.

305

Compilation engagement - Independence checklist.

350

Compilation engagement - Letter from management acknowledging responsibility for the financial information.

315

Compilation engagement planning and completion checklist.