CAS 315 Revised 2021
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.
Instructor

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.