Revised CAS 315: Effective and Efficient Engagements

Revised CAS 315 is the fundamental standard in performing audits and identifying and assessing the risk of material misstatement, however, auditors often face challenges in the application, especially related to less complex entities. There are many required procedures but at times auditors do not 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 Revised 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 Revised CAS 315 requirements and its risk assessment procedures
• Identify significant classes of transactions, account balances and disclosures
• Develop a practical approach to documenting the system of internal control
• 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

Instructor(s): Kirsten Albo, FCPA, FCA, ICD.D, President of ASK KSA Consulting Inc.