Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
Revised CAS 315, Identifying and Assessing the Risks of Material Misstatement, is effective for audits of financial statements for periods beginning on or after December 15, 2021, many which would be December 2022 year-ends.
CAS 315, has been significantly revised, reorganized, and enhanced to respond to challenges and issues faced by practitioners. The revisions require a more robust risk identification and assessment process to promote improved responses to identified risks. This course will cover the new concepts and definitions, enhancements and clarifications to help you, the auditor, apply the audit risk model in planning your audit engagements
This course reviews the revisions to CAS 315, Identifying and Assessing the Risks of Material Misstatement. This course will review the key changes based on the assumption that you are familiar with the revised standard and will focus on the application, and documentation on some key areas. This course builds on your understanding of planning an audit, with a risk-based approach, based on a strong understanding of the business and its environment, including technology.
This course will address how Revised CAS 315 will impact your audit engagements. It will focus on inherent risk assessment at the financial statement and assertion levels, including the identification of significant inherent risks and the control risk assessment. This course will also address some of the key areas of change, including for example, obtaining and understanding of the IT Environment and GITCs, along with the understanding and responses required related to journal entries.
In short, this course is intended to provide participants with guidance on the practical application of some of the key revisions in the standard.
TOPICS INCLUDE
- Overview of the requirements of Revised CAS 315
- Components of internal control
- Assessing risks of material misstatement at the financial statement and assertion level, considering the inherent risk factors, the spectrum of inherent risks, significant risks, fraud risks, etc.
- Designing responses to risks identified
- Activities and application examples will be included to demonstrate the revisions to CAS 315
- Scalability considerations will be addressed in specific application activities
NOTE: No updates or changes were made to the 2023 version of this course. If you completed the course in 2022, please be advised the 2023 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
How to Access The Course
To access the course please visit our BlackBoard site, and log-in using the same login and password used for the Registration Portal.
Please allow up to 15 minutes after registration for the course to appear on your BlackBoard page.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.