PEG AUDIT FRF UPDATE
March 31, 2023
The Jazzit financial reporting framework (FRF) checklists have been updated for the 2023 spring CPA Canada revisions. These modules are dated March 31, 2023 in your Audit checklist Resource Centre.
You must have CaseWare Working papers 2022 or higher installed if you wish to update the PEG Audit Resource Centre and Master file.
Enhancements:
FRF973 - WORKSHEET FRF – COMBINATIONS BY NOT-FOR-PROFIT ORGANIZATIONS
- A new FRF checklist has been added to the financial reporting frameworks folder.
520 - RISK REGISTER - IDENTIFYING AND ASSESSING RISKS OF MATERIAL MISSTATEMENT
- Increased the maximum number of Part B identified RMMs from 50 to 100.
550 - UNDERSTANDING CONTROL ACTIVITIES
- Updated the insert risk menu to support linking to up to 100 identified RMMs from Form 520 Part B.
590 - WORKSHEET FRF – COMBINATIONS BY NOT-FOR-PROFIT ORGANIZATIONS
- Updated the insert risk menu to support linking to up to 100 identified RMMs from Form 520 Part B.
The 590 now displays the Relevant FS Risk Assertion recorded in the 520.
A-Z CHECKLISTS - AUDIT ENGAGEMENT PROCEDURES
- These checklists now display the description of the assessed risk in Part 2, no longer only the risk reference.
A-Z CHECKLISTS - AUDIT ENGAGEMENT PROCEDURES
- In the Resource Centre copies of these checklists, the Y/N column in the Presentation area of Part 3 now includes a link to “Part 2 A – Presentation: General procedures”.
Revisions and Corrections:
501 - ENGAGEMENT SCOPING - CLASSES OF TRANSACTIONS, ACCOUNT BALANCES AND DISCLOSURES
- Resolved an issue with a sort range in the Liabilities table.
511 - UNDERSTANDING THE IT ENVIRONMENT
- Corrected issue presenting additional questions in Part B when Relevance set to “No”.
A.100 - CASH — AUDIT PROCEDURES
- Resolved an issue causing incorrect Assertions being applied in the Presentation column.
436 - TEAM PLANNING DISCUSSIONS
- Corrected duplicate wording in the Team Reminders section (Part B).
655 - WORKSHEET — FINAL ANALYTICAL PROCEDURES
- Resolved issue preventing overrides being removed and a diagnostics issue.
