Course Details


Course Name: Audits: Application of CAS 315
CPD Hours: 2
Type: Online/Video
Price: $120 $108


Description:
This course provides a comprehensive and practical exploration of Canadian Auditing Standard (CAS) 315 – Identifying and Assessing the Risks of Material Misstatement. Designed for professional accountants and auditors, the course focuses on applying the principles and requirements of CAS 315 in real-world audit engagements. Participants will gain a thorough understanding of how to identify, assess, and respond to risks of material misstatement through a deep dive into the entity’s environment, internal control systems, and risk assessment procedures.

The program begins with an overview of CAS 315’s objectives and recent revisions, including the enhanced focus on professional skepticism, the “spectrum of inherent risk” concept, and the integration of technology and data analytics in the audit process. Through detailed discussions and case-based examples, learners will explore how to evaluate design and implementation of controls, understand IT environments, and document audit evidence effectively.

By the end of this course, participants will be able to confidently apply CAS 315 to improve audit quality, ensure compliance with professional standards, and strengthen risk-based audit approaches. The course also includes practical tools, checklists, and illustrative examples for both large and small entity audits.

Learning Objectives:

Upon completion of this course, participants will be able to:

- Understand the purpose, scope, and structure of CAS 315 and its role within the overall audit process.

- Apply risk assessment procedures to identify and evaluate risks of material misstatement.

- Analyze an entity’s system of internal control and determine key controls relevant to the audit.

- Integrate IT controls and data analytics into the risk assessment process.

- Document risk assessment procedures and conclusions in compliance with CAS requirements.


Topics:
Topic 1 – Introduction to CAS 315 and Its Importance
1.1 Purpose and objectives of CAS 315 within the audit framework
1.2 Relationship between CAS 315 and the overall audit process under CAS 200
1.3 Key revisions introduced in the revised CAS 315 (effective for periods ending December 15, 2022 and later)
Topic 2 – Understanding the Entity and Its Environment
2.1 Components of the entity’s environment relevant to financial reporting
2.2 – Business Model, Objectives, and External Factors Influencing Risk
2.3 – Documentation of Understanding for Audit Evidence and Compliance
Topic 3 – The Entity’s System of Internal Control
3.1 – Five Components of Internal Control Under CAS 315
3.2 – Control Environment, Risk Assessment, and Information Systems
3.3 – Evaluating Design and Implementation of Key Controls
Topic 4 – Risk Assessment Procedures and Sources of Information
4.1 Inquiries, analytical procedures, and observation/inspection techniques
4.2 – Understanding Process Flows and Identifying Significant Classes of Transactions
4.3 – Using Data Analytics and Technology in Risk Assessment
Topic 5 – Identifying Risks of Material Misstatement
5.1 – Distinguishing Inherent Risk from Control Risk
5.2 – Determining Significant Risks and Relevant Assertions
5.3 – Applying the “Spectrum of Inherent Risk” Concept
Topic 6 – Assessing the Design and Implementation of Controls
6.1 – Identifying Key Controls Relevant to the Audit
6.2 – Evaluating Control Design and Implementation Effectiveness
6.3 – Linking Control Assessment to Audit Strategy and Documentation
Topic 7 – Understanding IT Controls and General IT Environment
7.1 – The Role of IT in Financial Reporting and Risk of Material Misstatement
7.2 – Identifying IT General Controls and Application Controls
7.3 – Testing and Documenting IT Controls Under CAS 315 Requirements
Topic 8 – Risk Response and Linkage to Further Audit Procedures
8.1 – Integrating Risk Assessment Results into the Audit Plan
8.2 – Designing Appropriate Substantive and Control Testing Responses
8.3 – Revising Risk Assessments During the Audit Process
Topic 9 – Documentation, Professional Judgment, and Skepticism
9.1 – Documentation Requirements for Risk Assessment Under CAS 315
9.2 – Exercising Professional Judgment and Skepticism in Risk Identification
9.3 – Common Pitfalls and Examples of Inadequate Documentation
Topic 10 – Practical Application and Case Studies
10.1 Applying CAS 315 in audits of small and medium-sized entities (SMEs)
10.2 – Integrating CAS 315 with Other Standards (CAS 240, CAS 330, and CAS 265)
10.3 – Practitioner Checklist and Best-Practice Implementation Strategies






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