PEG - Overview

Caseware® International Inc. licenses the content from CPA Canada's PEG practice aids under agreement with the Chartered Professional Accountants of Canada (CPA Canada).

The content in Caseware®/CPA Canada PEG Audit, Review, and Compilation is based on CPA Canada's Professional Engagement Guide (PEG), which is described by CPA Canada as follows:

PEG is designed to provide practical step-by-step guidance, methodology and templates for practitioners and their staff to perform assurance and compilation engagements relating primarily to small and medium-sized entities.

This guide also promotes consistent application of the Canadian Auditing Standards and the Other Canadian Standards (review engagements, compilations and compliance engagements) included in the CPA Canada Handbook – Assurance.

This guide was created to help practitioners achieve the following:

  • Conduct high-quality, cost-effective assurance and compilation engagements in compliance with professional standards.

  • Inform, educate and train professional accountants and students.

  • Better serve the public interest.

The electronic version of the PEG, available through CPA Canada's online portal, is the official version. Readers should refer to the electronic version to obtain the most up-to-date version of this guide.

The practice aids consist of engagement forms, checklists, sample reports and sample letters designed to help practitioners ensure engagement completeness, consistency and effectiveness. They should be customized as necessary for the industry, the specific engagement requirements and the circumstances of the particular entity.

Requirements that are unique to particular types of organizations, such as listed entities (i.e., public companies) or specialized industries (such as municipalities and financial institutions), are not specifically covered in this guide.

PEG is not intended to be a substitute for professional standards and related pronouncements, nor is it a substitute for the practitioner's professional judgment. The guide's anticipated users must perform the following:

  • Read the original pronouncements

    It is assumed that practitioners have read, and acquired a basic knowledge of, the Canadian Auditing Standards and Other Canadian Standards.

  • Exercise professional judgment in each engagement

    The practitioner's application of relevant knowledge and experience to the known facts and circumstances of each engagement is a key requirement to ensure informed decisions are made about matters such as determining materiality, identifying the nature and extent of procedures required, evaluating the evidence obtained, and drawing appropriate conclusions.

Disclaimer

CPA Canada's Professional Engagement Guide is designed to assist practitioners in the implementation of Canadian Auditing Standards for audit engagements and Other Canadian Standards applicable for review, compilation and compliance reporting engagements. The guide is not intended to be a substitute for the standards.

Practitioners should utilize this guide in light of their professional judgment and the facts and circumstances involved in each particular engagement. CPA Canada disclaims any responsibility or liability that may occur, directly or indirectly, as a consequence of the use and application of this guide.

PEG is not intended as a substitute for reading and understanding the relevant professional standards contained in the CPA Canada Handbook – Assurance, nor is it a substitute for the application of professional judgment required by practitioners.

Copyright

CPA Canada's PEG is protected by copyright and written permission is required to reproduce, store in a retrieval system or transmit in any form or by any means (electronic, mechanical, photocopying, recording, or otherwise). For information regarding permission, please contact permissions@cpacanada.ca.

Copyright in the PEG practice aids and all source materials related to the Templates remain the sole and exclusive property of CPA Canada and no User shall have unauthorized access to use the Templates outside of the terms of use granted herein.

The Templates is copyrighted by Caseware® International Inc. Use of Templates is subject to Caseware® International Inc.'s end user license agreement. All intellectual property rights in the software and digital content (subject to license from CPA Canada) remain the exclusive property of Caseware® International Inc. When using these Solutions you must comply with the law, including without limitation, copyright laws.

Condition of use

Use of Caseware®/CPA Canada PEG Audit, Review, and Compilation requires an active subscription to CPA Canada's PEG (renewed on an annual basis).

PEG subscriptions can be purchased through CPA Canada's store here: Publications. Subscriptions are also renewed through CPA Canada's store: https://www.cpastore.ca.