PEG Review and Audit updates available

Thursday, December 31, 2015

JAZZIT CHECKLISTS

The new CPA PEG (Professional Engagement Guide) publication is now available and includes checklists for both existing and new CSRE 2400 review engagement standards and updated audit checklists.  In order to simplify the transition to the new standards for review engagements, Jazzit will provide two separate review checklist packages; one for the existing standards and one for the new CSRE 2400 standards which take effect later this year. 

There are no updates to the PPM checklists. Those firms using the existing Jazzit PPM Checklists are recommended to move to the two Review checklist packages (PEG Review and CPEM Review) and/or the Audit package (PEG Audit).  

  • PEG Review (New CSRE 2400 Standards):  An entirely new Jazzit Checklists package which reflects the requirements for the new CSRE 2400 review standards applicable for year ends on or after December 14, 2017. Early adoption is not permitted, so a cautionary note at the top of each document has been added to warn the user if the CaseWare year end is before December 14 2017. This warning only prints if the CaseWare year end date is before December 14, 2017.

In files where CSRE 2400 is applicable, you will need to delete any existing checklists and use copy components to bring in new checklists from the PEG Review as all document identifiers and references are new.  Jazzit Administrators note the new filenames are PEG Review Master and PEG Review KLIB.

  • CPEM Review updated to reflect new PEG content:  The CPEM Review package has been updated with the latest content for year ends December 13, 2017 and before.  Although the master template name remains unchanged as CPEM, the content, source, and references in each document refer to the new PEG. A cautionary footer prints at the bottom of each template stating the checklists are applicable for year ends December 13, 2017 and prior.  A cautionary note at the top of each document prints only if the CaseWare year end date is December 14, 2017 and after.

Current Jazzit CPEM Review Checklist subscribers can update their current Jazzit CPEM Review Checklists.  Jazzit Administrators note that filenames are unchanged as CPEM Review Master and CPEM Review KLIB.

  • CPEM Audit updated to reflect new PEG content: The CPEM Audit package has been updated with the latest content. The content, source, and references in each document refer to the new PEG.

Current Jazzit CPEM Audit Checklist subscribers can update their current Jazzit CPEM Audit Checklists. Jazzit Administrators note that filenames have been changed to PEG Audit Master and PEG Audit KLIB.

Preparers and administrators please note that the current JZPCKEY (Program and checklist document control) in your client files must be updated with the new PEG JZPCKEY before commencing any new engagements

JAZZIT FUNDAMENTALS


*NEW TEMPLATE* JZEL – ENGAGEMENT LETTER (Y/E AFTER DECEMBER 14, 2017)

  • A new engagement letter for Reviews with year ends on or after December 14, 2017. The wording has been updated to the latest PEG standard and a cautionary block has been added as early adoption is not permitted

*NEW TEMPLATE* JZRL – MANAGEMENT REPRESENTATION LETTER (Y/E AFTER DECEMBER 14, 2017)

  • A new management representation letter for Reviews with year ends on or after December 14, 2017. The wording has been updated to the latest PEG standard and a cautionary block has been added as early adoption is not permitted

EL – ENGAGEMENT LETTER

  • Update to the latest wording for engagements with year ends prior to December 13, 2017.
  • A cautionary block has been added to the template if the year end is after December 13, 2017

RL – MANAGEMENT REPRESENTATION LETTER

  • Update to the latest wording for engagements with year ends prior to December 13, 2017.
  • A cautionary block has been added to the template if the year end is after December 13, 2017

JZDIAG – DIAGNOSTICS REPORT

  • Updated to include the two new templates above
  • Added warnings to the EL,RL and new JZEL and JZRL is they are being used in engagements which fall out of their respective adoption period