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

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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.

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