This course reviews the revisions to CAS 315, Identifying and Assessing the Risks of Material Misstatement. This course will review the key changes based on the assumption that you are familiar with the revised standard and will focus on the application, and documentation on some key areas.  This course builds on your understanding of planning an audit, with a risk-based approach, based on a strong understanding of the business and its environment, including technology.

This course will address how Revised CAS 315 will impact your audit engagements.  It will focus on inherent risk assessment at the financial statement and assertion levels, including the identification of significant inherent risks and the control risk assessment. This course will also address some of the key areas of change, including for example, obtaining and understanding of the IT Environment and GITCs, along with the understanding and responses required related to journal entries.

In short, this course is intended to provide participants with guidance on the practical application of some of the key revisions in the standard. 

Applicable for:
This course is intended for auditors who need to understand and apply Revised CAS 315. 

Prerequisites - Knowledge, Experience or Courses
Participants should have a working knowledge of the CPA Canada Handbook – Assurance and Revised CAS 315 either through self-review completion of the following course:  Audit Engagements-Overview of CAS 315 (Revised Standard)

Learning Objectives
By the end of this course, participants should be able to:

• Understand the concept of “scalability” and how the requirements of CAS 315 vary based on the nature and size of an organization.
• Identify key changes develop an approach to the implementation of CAS 315 in your practice related to obtaining an understanding the 5 components of internal control, with a focus on the IT Environment and General IT controls.
• Apply the control risk assessment, recognizing the role of technology. 
• Apply the assessment of inherent risks of misstatement, and how the “spectrum of inherent risk” is to be applied to relevant assertions 

Content
The topics in this seminar include:

• Overview of the requirements of Revised CAS 315
• Components of internal control
• Assessing risks of material misstatement at the financial statement and assertion level, considering the inherent risk factors, the spectrum of inherent risks, significant risks, fraud risks, etc.
• Designing responses to risks identified
• Activities and application examples will be included to demonstrate the revisions to CAS 315
• Scalability considerations will be addressed in specific application activities.

Seminar Leader: Jane Bowen

Presented by PD Partner: CPA Pro

What to Expect

•  This is a Live Virtual Seminar where class size has been limited to allow for an interactive learning environment. 
• This seminar will not be recorded.
• Course materials, links and credentials will be emailed to you two business days before the seminar. Once sent, the email will also be found in your Account Communication tab of the CPA Manitoba Member Portal. 
• Live webinars have varying levels of expected interaction, and some may require webcam and microphone capabilities – if you have concerns about the interaction required for this course, please email [email protected]

CPA Manitoba PD Terms and Conditions