CAS 300: Planning an Audit of Financial Statements
Requires the auditor to develop an overall audit strategy and a detailed audit plan, including the nature, timing, and extent of planned audit procedures.
Why CAS 300 matters
Planning is where the audit budget is set. Weak planning documentation leads to scope creep, missed risks, and budget overruns billed back to the issuer.
Framework: Canadian Auditing Standards (CAS)
CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Primary source: FRAS Canada
Frequently asked
What is CAS 300?
Requires the auditor to develop an overall audit strategy and a detailed audit plan, including the nature, timing, and extent of planned audit procedures.
Why does CAS 300 matter for an audit?
Planning is where the audit budget is set. Weak planning documentation leads to scope creep, missed risks, and budget overruns billed back to the issuer.
Which framework does CAS 300 belong to?
CAS 300 falls under Canadian Auditing Standards (CAS). CAS are the auditing standards adopted by the Auditing and Assurance Standards Board (AASB) of CPA Canada. They are Canadian adoptions of the IAASB's International Standards on Auditing (ISAs) and govern every audit of financial statements performed in Canada.
Related standards — Canadian Auditing Standards (CAS)
- CAS 200 — Overall Objectives of the Independent Auditor
- CAS 210 — Agreeing the Terms of Audit Engagements
- CAS 220 — Quality Management for an Audit of Financial Statements
- CAS 230 — Audit Documentation
- CAS 240 — The Auditor's Responsibilities Relating to Fraud
- CAS 250 — Consideration of Laws and Regulations
See how Auditus checks CAS 300
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 300.