Identifying and Assessing RMM (CAS 315)

Overview

CAS 315 is the standard that requires an auditor to identify and assess the risk of material misstatement. It is the fundamental standard in performing audits, however, auditors often face challenges in the application to their clients, especially for less complex entities. There are many required procedures but most 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

$120.00

Learning Objectives

By the end of the session participants will be able to:

  • Gain a solid understanding of CAS 315
  • Understand required risk assessment procedures
  • Identify classes of transactions, account balances and disclosures (COTABD)
  • 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

Verifiable CPD

1.5 hours

Other Courses

Path to Implementation: CSQM 1

Path to Implementation: CSQM 1

Design and implement your system of quality management and meet the requirements of CSQM 1 through our efficient workshop approach. We work with you every step of the way to save you time and provide peace of mind in getting it done (10+ CPD hours).

Read More »

Audit Hot Topics

Strengthen quality in audit engagements by understanding current CAS hot topics, typical challenges faced in meeting requirements with guidance how to address them efficiently (2.0 CPD).

Read More »
Path to Implementation: CSQM 1

Compilation Hot Topics

Strengthen compilation engagements by understanding CSRS 4200 hot topics, the typical challenges faced in meeting requirements and how to address them efficiently (1.0 CPD).

Read More »

The Power of Efficiency

It can be a challenge to get things done and the ability to find hidden moments throughout the day helps practitioners tackle their many competing priorities in practice (1.0 CPD).

Read More »

Addressing Fraud Risk

Fraud happens in all types of organizations and it is important to appreciate the responsibilities related to fraud risk in order to respond and determine impact on engagement report (1.0 CPD).

Read More »
Putting Ethics into Practice

Putting Ethics into Practice

Ethics is fundamental to being in public practice and it is important to understand concepts, have an ethical decision-making process and identify biases to strengthen your practice (1.0 CPD).

Read More »
Review Hot Topics

Review Hot Topics

Strengthen review engagements by understanding current CSRE hot topics, typical challenges faced in meeting requirements and how to address them efficiently (1.0 CPD).

Read More »