Dates and location
Pricing
Hours
Dates and location
Pricing
Hours
Description
Revised CAS 315, Identifying and Assessing the Risks of Material Misstatement, was effective for audits of financial statements for periods beginning on or after December 15, 2021. Much has been learned since then. The identification and assessment of various risks is the cornerstone of the audit planning phase and this course will review all of the requirements of CAS 315.
A robust risk identification and assessment process is essential to the identification of the procedures to be completed. This course will review the key requirements of CAS 315 to help you, the auditor, apply the audit risk model in planning your audit engagements.
This course reviews the requirements of CAS 315, Identifying and Assessing the Risks of Material Misstatement. This course will focus on the application and documentation of some key areas including obtaining and understanding of the IT Environment and GITCs, along with the understanding and responses required related to journal entries.
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. The course will discuss the use of professional judgment and skepticism at the planning phase and will address documentation requirements.
This course will address the many risks that must be identified and assessed and will focus on inherent risk assessment at the financial statement and assertion levels, including the identification of significant inherent risks. It will also address the control risk assessment.
Topics Include:
- Overview of the requirements of CAS 315.
- 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.
- Components of internal control.
- Designing responses to risks identified.
- Activities and application examples will be included to demonstrate the application of CAS 315 requirements, including scalability considerations.
NOTE: No updates or changes were made to the 2025 version of this course. If you completed the course in 2024, please be advised the 2025 course material has not changed. If you have any questions, please contact pdevents@cpaontario.ca.
Schedule
- November 19, 2025, 1:00 p.m. - 5:00 p.m.
- November 20, 2025, 1:00 p.m. - 5:00 p.m.
Key Takeaways
By the end of this course, participants should be able to:
- Understand the concept of “scalability” and how the requirements of CAS 315 vary based on the nature and size of an organization.
- Identify the key requirements of CAS 315 and how they can be met, considering the objective to be efficient in the planning and completion of your audit engagements.
- Conduct the assessment of inherent risks of misstatement, and how the “spectrum of inherent risk” is to be applied to relevant assertions.
- Conduct the assessment of control risk, recognizing the role of technology in your clients’ operations and processes.
Who Will Benefit
This course is intended for auditors who need to understand and apply CAS 315 in the risk-based planning process.
Prerequisite(s)
Participants should have a working knowledge of the CPA Canada Handbook – Assurance.
How to Access the Course
This course is a live webinar. You must attend the live course to receive verifiable CPD hours. We recommend you join five minutes prior to the scheduled starting time. To get the full experience of this interactive course, use a computer that has video and microphone capabilities.
Electronic material can be accessed one week prior to the course and should be downloaded in advance.
Registration, cancellation, withdrawal and all other CPA Ontario PD policies can be found here.
Speaker(s)
Francis (Frank) Seguin, CPA, CA, has over 25 years’ experience providing training, lecturing, assurance and advisory services to clients based in Ontario, throughout Canada and internationally, with a focus on the broader public sector and not-for-profit organizations. He has worked in professional services’ firm for over 20 years as well as in industry, and currently lectures for CPA Ontario and CPA Quebec; he has also lectured on a part-time basis at the bachelors’ and graduate levels in the Université du Québec en Outaouais and the University of Ottawa.