Updates – 2009 Engagement Checklists and Practice Aids
The 2009 version of all documents are in PDF format. The PDF version will allow users to easily complete the checklists, eliminate formatting issues, allow users to save and print, and does not require the purchase of additional software. The latest version of Adobe Reader is available for free at http://www.adobe.com/products/acrobat/readstep2.html.
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Each section of the manual has been updated for the revised Peer Review Standards, effective January 1, 2009.
The Quality Control Questionnaires (sections 4300 and 4400) were updated in 2009. If the appropriate questionnaire is completed by the firm in adequate detail prior to January 1, 2009, it can normally be used to comply with Statement on Quality Control Standards No. 7, effective January 1, 2009. The questionnaires are not intended to be used as the quality control document for large firms with complex systems of quality of control.
Section 22,300, the “Financial Reporting and Disclosure Checklist,” is required for the general audit, and also the general review and compilation with full disclosure engagement checklists. It is not required for compilations that omit substantially all disclosures.
Update to HUD Audit Guide
At the time of the development of the checklists, HUD was, and still is, in the process of updating the HUD audit guide on a chapter-by-chapter basis. This approach by HUD has made it difficult to update the HUD checklist. The status of each chapter is included in the instructions to the HUD Checklist (Section 22,090), along with the related effective dates. Therefore, in reviewing chapters that have been updated by HUD, reviewers should use the HUD checklist in conjunction with the updated chapter from the HUD audit guide. Upon completion of the HUD audit guide overhaul, this checklist will be revised to be consistent with the guide. Reviewers should also note that although chapter 2 of the HUD audit guide has not been updated in its entirety as of the date of this checklist, HUD has issued two internal control illustrative auditor’s reports (Exhibits B and B-1) to incorporate terminology from SAS 112, Communicating Internal Control Related Matters Identified in an Audit.
Changes to ERISA Industry Codes
The ERISA Industry Codes have been revised for the 2009 documents. The codes no longer differentiate between limited and full scope audits. A separate code has been created for ESOP plans.
As with the previous checklists in MS Word, if additional documentation is necessary for any checklist or practice aid item, the reviewer should attach separate pages, with the additional documentation, to the checklist or practice aid.
The checklists and practice aids in PDF format allow the documents to be digitally signed. However, the documents can still be printed and signed manually, as well.
The 2009 documents must be used for all peer reviews commencing on or after January 1, 2009.