CAS 315 is the standard that requires an auditor to identify and assess the risk of material misstatement. It is a fundamental standard in performing audits, however, auditors often face challenges in its application. There are many required procedures but many times auditors don’t know what is required, why they are performing certain procedures or how to execute them.
This course will help auditors gain a deeper understanding of the requirements of CAS 315. By investing time to properly perform risk assessment procedures to identify and assess the risk of material misstatement, auditors will streamline their engagements for greater efficiency.
Through an exploration of the standards, illustrative examples and guidance on practical application will strengthen your ability to conduct effective and efficient engagements.
By the end of the session participants will be able to:
- Gain a comprehensive understanding of CAS 315 requirements
- Understand required risk assessment procedures
- Identify classes of transactions, account balances and disclosures
- Understand the components of a system of internal control and develop a practical approach to documentation
- Appreciate what is meant by the IT environment including IT applications, IT infrastructure, IT processes and general information technology controls (GITCs)
- Differentiate between the concepts of understand and evaluate, and design and implementation
- Establish an efficient strategy to document and conclude on risk assessments including inherent risk and control risk
- Apply the requirements of the standard effectively and efficiently