Course Details


Course Name: CAS 315, Identifying and Assessing the Risks of Material (116)
CPD Hours: 2
Type: Online/Video
Price: $120 $108


Description:
This comprehensive CPD course provides Canadian CPAs and audit professionals with a practical and up-to-date understanding of CAS 315, the foundational auditing standard that governs how auditors identify and assess the risks of material misstatement. Through ten structured modules and thirty focused slides, the course walks participants through every stage of the risk-assessment process—from gaining an understanding of the entity and its environment to evaluating internal controls, identifying significant risks, and linking the assessment to an effective audit strategy.

Designed specifically for practitioners in Canada, the course translates regulatory requirements into real-world application, emphasizing professional skepticism, modern audit techniques, emerging risks, and documentation expectations. Participants will learn how to evaluate inherent and control risks, perform effective risk-assessment procedures, recognize indicators of fraud and management bias, and ensure their working-paper files comply with current assurance standards and regulatory findings.

By the end of this course, learners will be equipped to perform higher-quality risk assessments, avoid common audit deficiencies, and strengthen the overall effectiveness and defensibility of their engagements. This course is essential for auditors, review practitioners, and assurance professionals seeking to enhance their technical competence and confidence in applying CAS 315.


Topics:
Topic 1 — Understanding CAS 315: Purpose, Scope, and Core Principles
1.1 – Understanding the Purpose of CAS 315
1.2 – Scope and Authority of CAS 315
1.3 – Core Principles and Definitions Within CAS 315
Topic 2 — Understanding the Entity and Its Environment
2.1 – Understanding Industry Factors and the External Environment
2.2 – Understanding the Nature of the Entity: Structure, Operations, and Strategy
2.3 – Understanding Measurement and Performance Indicators
Topic 3 — Understanding the Entity’s Internal Control System
3.1 – Overview of Internal Control Components Under CAS 315
3.2 – Evaluating the Control Environment and Entity-Level Controls
3.3 – Limitations of Internal Control and Implications for Audit Risk
Topic 4 — Risk Assessment Procedures and Audit Evidence
4.1 – Inquiry as a Risk Assessment Procedure
4.2 – Analytical Procedures as Risk Assessment Tools
4.3 – Observation and Inspection as Risk Assessment Procedures
Topic 5 — Identifying Risks of Material Misstatement
5.1 – Using Obtained Knowledge to Identify Risks of Material Misstatement
5.2 – Differentiating Inherent Risk and Control Risk
5.3 – Considering Management Bias, Complexity, and Subjectivity in Risk Identification
Topic 6 — Assessing Inherent Risk: Spectrum of Risk
6.1 – Factors That Drive Inherent Risk
6.2 – Understanding the Inherent Risk Spectrum
6.3 – Documenting Inherent Risk Assessments
Topic 7 — Identifying and Assessing Significant Risks
7.1 – Characteristics of a Significant Risk Under CAS 315
7.2 – Examples of Common Significant Risks: Revenue, Override, and Estimates
7.3 – Required Auditor Responses and Documentation Expectations
Topic 8 — Understanding and Evaluating Internal Controls Relevant to the Audit
8.1 – Determining Which Controls Are Relevant to the Audit
8.2 – Evaluating the Design and Implementation of Controls
8.3 – Using Walkthroughs, Narratives, Flowcharts, and Testing Design Effectiveness
Topic 9 — Linking Risk Assessment to the Overall Audit Strategy
9.1 – Designing Audit Responses Based on Assessed Risks
9.2 – Financial Statement–Level vs. Assertion-Level Risks
9.3 – Adjusting Materiality, Staffing, Scope, and Timing Based on Risk Assessment
Topic 10 — Documentation, Reporting, and Common Pitfalls Under CAS 315
10.1 – Required Documentation for CAS 315 Compliance
10.2 – Common Audit Deficiencies Identified by Regulators
10.3 – Best Practices for CAS 315-Compliant Working Papers






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