CAS 450: Evaluation of Misstatements Identified During the Audit
Requires the auditor to accumulate misstatements identified during the audit and evaluate their effect, both individually and in aggregate, on the financial statements.
Why CAS 450 matters
The summary of unadjusted differences (SUD) is what the audit committee sees. Issuers benefit from finding and adjusting misstatements before fieldwork rather than landing them on the SUD.
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 450?
Requires the auditor to accumulate misstatements identified during the audit and evaluate their effect, both individually and in aggregate, on the financial statements.
Why does CAS 450 matter for an audit?
The summary of unadjusted differences (SUD) is what the audit committee sees. Issuers benefit from finding and adjusting misstatements before fieldwork rather than landing them on the SUD.
Which framework does CAS 450 belong to?
CAS 450 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 450
Auditus.ai runs PCAOB, ISA, and CAS engagements end-to-end and cites the exact standard behind every finding — including CAS 450.