Auvenir Technologies ULC (“Auvenir”) has fully digitized the CPA Canada’s Professional Engagement Guide (PEG) into three separate engagement paths: Guided Audit Workflow, Guided Review Workflow, and Guided Compilation Workflow, all now available from within the Auvenir Pro Platform. Registered users of the Auvenir Pro Platform must also have a current and valid PEG license with CPA Canada in order to use PEG as part of the Auvenir Pro Platform. Auvenir licenses the content of PEG under a special agreement with the Chartered Professional Accountants of Canada (CPA Canada) for use within the Auvenir Pro platform.
The three engagement paths in Auvenir’s Pro Platform, namely Guided Audit Workflow, Guided Review Workflow, and Guided Compilation Workflow are based on the Canadian Professional Engagement Guide (PEG), which is described by CPA Canada as follows:
“The Professional Engagement Guide (PEG) provides comprehensive, practical, step-by-step guidance to help you and your staff perform assurance and compilation engagements relating primarily to small and medium-sized entities. PEG will help you:
- 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 PEG guide also promotes consistent application of the Canadian Auditing Standards and the Other Canadian Standards included in the CPA Canada Handbook – Assurance.”
For further information on PEG, here is the link to the Professional Engagement Guide (PEG), referenced at CPA Canada’s site at https://www.cpacanada.ca/en/business-and-accounting-resources/financial-and-non-financial-reporting/accounting-standards-for-private-enterprises-aspe/publications/professional-engagement-guide
Please be aware that requirements that are unique to particular kinds of organizations, such as listed entities (i.e., public companies) or specialized industries, (such as municipalities and financial institutions), are not specifically covered in the PEG 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 PEG guide's 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.
The customizable forms, checklists and sample letters provided as part of PEG and incorporated digitally into the Auvenir Pro Platform are useful practice aids that can save time and money while ensuring completeness and consistency.
These forms are designed for the following purposes:
- To be used by professional staff members who have some understanding of assurance engagements and other relevant requirements. It is highly recommended that staff members receive some basic training on the relevant professional standards and the use of the forms before commencing work on the engagement.
- To allow for structured and systematic documentation of the results of performing assurance procedures. Such documentation helps to facilitate file review, ensure consistent assessment of risks and produce straightforward updates in subsequent years.
- To be used on any audit engagement regardless of the entity's size and/or complexity. In addition to the standard forms, there are also a number of condensed forms designed primarily for use on smaller engagements by practitioners who have a sound understanding of the Canadian Auditing Standards and their objectives (including their application and other explanatory material).
These practice aids do not specifically address the following:
- The wide range of circumstances, risk factors or specific industry issues that may exist for a particular client or groups of clients, such as those operating in a specialized industry.
- Requirements relating to listed entities (public companies).
The PEG forms should always be customized to address the known facts and circumstances of each individual engagement.
"PEG is not intended as a substitute for reading and understanding the relevant professional standards contained in the CPA Canada Handbook – Assurance, Post-Auditor Reporting, nor is it a substitute for the application of professional judgment required by practitioners."
The content is updated on a regular basis by CPA Canada and Auvenir Pro will also contain the most up to date version of PEG.
This 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 PEG guide.
Copyright and IP
The Auvenir Pro Platform is copyrighted by Auvenir Technologies ULC and the PEG forms are copyrighted by CPA Canada. Use of the Auvenir Pro Platform is subject to Auvenir’s SaaS Platform agreement and the end user license agreement with CPA Canada for use of the PEG forms. All intellectual property rights in the software and Auvenir Pro Platform and PEG content remain the exclusive property of Auvenir Technologies ULC and CPA Canada respectively.