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Professional Engagement Manual
Circulate to: 3
What’s New 1.
Update #42 2.
May 2009 3.
4.
To: Subscribers of the Professional Engagement Manual — Update #42 5.
6.
Dear Colleagues:
7.
8.
Enclosed is Update #42 to the CICA Professional Engagement Manual.
In the fall of 2009, a new PEM (to be called C-PEM) will be published. 9.
It will contain guidance on how to comply with Canadian Auditing 10.
Standards (CASs) that will be released in the Handbook in the fall and
come into effect for audits of fiscal periods ending on or after December
14, 2010. Until that time, subscribers should continue to use the guidance
and forms in the current PEM.
Update #42 Highlights
• The new audit Form A000 — List of core audit forms for the risk-based audit
addresses subscribers’ questions as to which forms should be used on every
audit file. As a general guide, Form A000 lists the forms that would normally
be completed on all audit engagements. The remainder of the sample forms
and worksheets would be used when applicable in the circumstances.
• The not-for-profit financial disclosure requirements contained in Sections 4400,
4430 and 4470 have been incorporated into the not-for-profit forms A805NFP,
AC100 NFP, AMM100NFP and ATT100NFP. These changes apply to interim and
annual financial statements for fiscal years beginning on or after January 1, 2009
but can be adopted earlier.
• In Chapter 10.1 – Audit of Small Not-for-profit Entities, two charts have been
updated to reflect the key aspects of identifying and assessing risk factors with
respect to paragraph 5141.020 of the CICA Handbook – Assurance.
Sample Forms
The following forms contain minor editorial revisions to address various matters
that have been brought to our attention by our subscribers:
Minor Revisions to Forms#
Audit Forms A310, A530, A568, A572, A574, A578, A606, A626,
A662, A664, A666, A670, A690, AB100, AN100, ABB100,
AUU100, and AUU110.
Condensed Audit Forms A510c, A570c, and A574c.
Not-for-profit Audit AC100NFP, AMM100NFP, ATT100 NFP, A805NFP
Example Audit Forms A532c-ex
(Completed)
Review Engagements R380, R405, R504, R626, RA105, RB105, RC105,
RD105, RL105, RN105, RUU105, and RUU110.
Professional Engagement Manual
Presentation and Disclosure Requirements — Non-publicly Accountable
Enterprises
As of December 2008, non-publicly accountable enterprises may elect not to apply
many of the presentation and disclosure requirements relating to financial instru-
ment standards in the current Handbook. Preparers that choose this option should
refer to the CICA Handbook – Accounting XFI.
Canadian Auditing Standards (CASs)
As mentioned, the Auditing and Assurance Standards Board (AASB) is adopting
International Standards on Auditing (ISAs). Handbook Sections dealing with the
audit of financial statements will be called “Canadian Auditing Standards” (CASs).
For knowledge resources about the implementation of the CASs, visit the CICA’s
website “Canadian Standards in Transition” at http://rmx.cica.ca/transition/.
We Welcome Your Comments
We hope that the PEM continues to meet your practice needs. We appreciate hearing
from our subscribers and will continue to respond to your valued comments and
suggestions. Please send your comments to my attention by mail, e-mail
bryan.walker@cica.ca or fax (416) 204-3414.
Yours very truly,
Bryan Walker, CA
Director, Practitioner Support and Assurance Services
Member Services
Professional Engagement Manual
Order Form
NEW! PEM — CICA Electronic PEM Templates
Exclusively available to current PEM Subscribers!
Electronic Word or Excel Templates — available only on Knotia or on DVD, this
valuable package includes either a Word or Excel template for each of the checklists,
forms and letters that are included in Update #41 of the PEM.
These templates allow users to both customize the checklists, forms and letters
to meet the needs of individual engagements, as well as complete them on a PC.
PEM — CICA Electronic PEM Templates
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Professional Engagement Manual
[Filing Instructions]
Professional Engagement Manual — Update #42
May 2009
VOLUME I
Remove Old Pages Insert New Pages
Table of Contents
TOC-xxi to TOC-xxiv TOC-xxi to TOC-xxiv
Chapter 10 — Other Assurance Engagements
10.1-7 to 10.1-32 10.1-7 to 10.1-30
VOLUME II
Table of Contents
TOC-xxi to TOC-xxiv TOC-xxi to TOC-xxiv
Practice Aids — Audit Forms
— Form 000
Practice Aids — Audit Forms — 300 - 399 Completion Documents
Form 310 Form 310
Practice Aids — Audit Forms — 500 - 599 Risk Assessment
Form 530 Form 530
Form 568 Form 568
Form 572 Form 572
Form 574 Form 574
Form 578 Form 578
Practice Aids — Audit Forms — 600 - 699 Response to Assessed Risks
Form 606 Form 606
Form 626 Form 626
Form 662 Form 662
Form 664 Form 664
Form 666 Form 666
Form 670 Form 670
Form 690 Form 690
Professional Engagement Manual
Remove Old Pages Insert New Pages
Practice Aids — Audit Forms — A - Z Audit Plans and Procedures — Assets
Form B.100 Form B.100
Form N.100 Form N.100
Practice Aids — Audit Forms — AA-ZZ Audit Plans and Procedures — Liabilities and Equity
Form BB.100 Form BB.100
Form UU.100 Form UU.100
Form UU.110 Form UU.110
Practice Aids — Condensed Audit Forms
Form 510c Form 510c
Form 570c Form 570c
Form 574c Form 574c
Practice Aids — Not-for-Profit Audit Forms
Form NFP C.100 Form NFP C.100
Form NFP MM.100 Form NFP MM.100
Form NFP TT.100 Form NFP TT.100
Form NFP 805 Form NFP 805
Form NFP 510c Form NFP 510c
Practice Aids — Sample Completed Forms (Audit)
Form 532ex Form 532c-ex
Practice Aids — Review Forms
Form 380 Form 380
Form 405 Form 405
Form 504 Form 504
Form 626 Form 626
Form A.105 Form A.105
Form B.105 Form B.105
Form C.105 Form C.105
Form D.105 Form D.105
Form L.105 Form L.105
Form N.105 Form N.105
Form UU.105 Form UU.105
Form UU.110 Form UU.110
Filing Instructions
Release Sheet Release Sheet
Highlights Letter Highlights Letter
Filing Instructions Filing Instructions
Contents Checklist
Update #41 Contents Checklist Update #42 Contents Checklist
