CAS 315 (Revised): Identifying and Assessing the Risks of Material Misstatement
Requires a robust understanding of the entity, its environment, the applicable financial reporting framework, and the entity's system of internal control. CAS 315 was substantially revised effective for audits of periods beginning on or after December 15, 2021.
Why CAS 315 (Revised) matters
CAS 315 (Revised) is the single most consequential standard change in a decade. It dramatically increased documentation of IT environment, control activities, and inherent risk factors. CPAB inspection findings cite CAS 315 (Revised) compliance more than any other standard.
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 315 (Revised)?
Requires a robust understanding of the entity, its environment, the applicable financial reporting framework, and the entity's system of internal control. CAS 315 was substantially revised effective for audits of periods beginning on or after December 15, 2021.
Why does CAS 315 (Revised) matter for an audit?
CAS 315 (Revised) is the single most consequential standard change in a decade. It dramatically increased documentation of IT environment, control activities, and inherent risk factors. CPAB inspection findings cite CAS 315 (Revised) compliance more than any other standard.
Which framework does CAS 315 (Revised) belong to?
CAS 315 (Revised) 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 315 (Revised)
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 315 (Revised).