This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Exposure Draft Supplement – Identifying and Assessing the Risks of Material Misstatement – Proposed Conforming Amendments to CAS 540 and CAS 200

  • AASB Image

Jan 31, 2019

On January 31, 2019, the Auditing and Assurance Standards Board (AASB) issued a supplement to the September 2018 Exposure Draft, “Identifying and Assessing the Risks of Material Misstatement” (ED-CAS 315), to explain and illustrate the proposed conforming amendments to revised CAS 540, and paragraph A42 of CAS 200, arising from ED-CAS 315. Comments are requested by May 1, 2019.

This Exposure Draft Supplement consists of:

  • proposed changes;
  • a description of the AASB’s process for adopting ISAs;
  • a discussion of proposed significant Canadian amendments; and
  • a proposed effective date.

The IAASB proposes that the revised ISAs be effective for audits of financial statements for periods beginning on or after December 15, 2020. The revised CASs are expected to have the same effective date as the revised ISAs. Auditors will be permitted to apply these revised CASs before the effective date.

Review the Exposure Draft Supplement on the AASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.