Audit Engagements: Overview of CAS 315 Revised Standard

Audit Engagements: Overview of CAS 315 Revised Standard
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Recorded: October 2021 

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CAS 315 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. For this reason, it is important that practitioners understand the changes to the standard and how these changes will impact their engagements. This seminar introduces the revisions to CAS 315, Identifying and Assessing the Risks of Material Misstatement, which is effective for audits of financial statements for periods beginning on or after December 15, 2021.

This seminar will review the key changes and introduce you to the extensive application material in the revised standard to help you plan your audits in accordance with the revisions. This seminar builds on your experience of planning an audit based on a strong understanding of the business and its environment by introducing you to the revisions to CAS 315. In addition, the importance of understanding your client's technology will be discussed using activities relevant to your practice. Start planning now for the implementation of the revisions to improve the quality of your engagements.

This seminar includes practical discussions, examples of documentation, and activities. 

By the end of this seminar, you will be aware of the revisions to CAS 315 (Identifying and Assessing the Risks of Material Misstatement), be able to:

  • Identify and develop an approach to the implementation of CAS 315 in your practice
  • 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 in your clients’ operations and processes
  • Apply the concept of “scalability” within the revised requirements to ensure you meet the requirements, yet also be efficient in the planning and completion of your audit engagements

In this seminar, you will gain knowledge about the following topics:

  • Highlight 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

This seminar is primarily directed to auditors, who will be required to comply with the revised CAS 315.

CPD-3.5 Hours

4/1/2022 - 3/31/2023 11:59 PM