NOTE: This course description has been revised and reflects updates for 2022. If you have any questions, please contact firstname.lastname@example.org
CAS 315, Identifying and Assessing the Risks of Material Misstatement has been significantly revised, reorganized, and enhanced to require a more robust risk identification and assessment to promote improved responses to identified risks. The revised standard introduces new concepts and definitions, enhancements and clarifications to help the auditor apply the audit risk model, and strengthened documentation requirements relating to the exercise of professional skepticism, among other things. It is important to understand the changes to the standard and how these changes will impact audit engagements. This course is for everyone! Auditors, Board Members and those interested in keeping informed in revisions to the auditing process.
This course introduces the revisions to CAS 315, Identifying and Assessing the Risks of Material Misstatement. This course will review the key changes and introduce you to the extensive application material in the revised standard. This course builds on your understanding of planning an audit based on a strong understanding of the business and its environment. In addition, the importance of understanding technology will be discussed..
- Some of the requirements of CAS 315
- What has remained the same in CAS 315
- What are the changes and why were these changes made
- What these changes mean for your next audit
- How the changes fit within the entire audit plan and response
- Components of internal control
- Assessing risks of material misstatement and designing responses
- What is included in the application material of CAS 315
- Scalability considerations
There will be a final quiz to test your knowledge at the end of the course.
- Identify and develop an approach to the implementation of CAS 315 in your practice or how the implementation by your auditor may change what is asked of you
- Apply the assessment of inherent risks of misstatement, and how the “spectrum of inherent risk” is to be applied to relevant assertions
- Apply the control risk assessment, recognizing the role of technology
- Understand the concept of “scalability” and how the requirements do vary based on the nature and size of an organization
This course is auditors and others who want to, or need to be aware of the revisions CAS 315.
Participants should have a working knowledge of the CPA Canada Handbook – Assurance.