In this webinar, we will examine the key changes to the revised Canadian Auditing Standards (CAS) 315 Identifying and Assessing the Risks of Material Misstatement. The revisions to this standard will result in significant changes to the audit planning and risk assessment process for all audits. This revised CAS will be effective for audits of financial statements on or after December 15, 2021.
Key changes include:
- Enhanced guidance on the auditor’s understanding of internal controls
- Introduction of new IT-related concepts (including data analytics)
- New concepts and terms related to risk assessment, such as stand-back and spectrum of inherent risk
It is strongly recommended that audit practitioners understand these key changes to CAS 315 as soon as possible as they will significantly affect all firms’ audit methodologies.2