CAS 315 Revised 2021

Course Price: $179.97

Number of PD hours: 3.0

Online - Recorded - Available

CAS 315R has been extensively revised to include a more robust and consistent risk identification and assessment framework. The revised standard sets out clarified and enhanced requirements to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s risk assessment in accordance with CAS 330.

While the standard is effective for audits of financial statements for periods beginning on or after December 15, 2021, the changes to the auditor’s risk assessment process are expected to be a significant change from existing practice.  Therefore, practitioners should begin to understand the changes and plan to pilot engagements well before the standards becomes effective for all audits. 

The course will review the key changes and requirements of CAS 315 revised and examine the impact of CAS 315R on:

·         Understanding the entity and its environment;

·         Understanding and assessing inherent risk;

·         Documenting and understanding the entity’s system of internal; and

·         Information technology and IT general controls;

To the extent PEG forms are available, the course will examine the changes to the PEG audit methodology and forms in relation to understanding the entity, identifying, and assessing the risks of material misstatement and planning considerations.


Marcus Guenther MBA, CPA, CA

Marcus Guenther works with corporations and accounting firms to improve their workflow, internal control and risk management practices, as well as assisting with technical accounting and auditing issues. He is the co-author of the CICA Professional Engagement Manual (CPEM) as well as other technical publications and articles and teaches accounting, IFRS, and auditing and assurance courses for numerous professional organizations.

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