Basis for Conclusions – Identifying and Assessing the Risks of Material Misstatement

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May 04, 2020

On May 4, 2020, the Auditing and Assurance Standards Board (AASB) released this document, which summarizes the process the AASB followed in revising CAS 315, Identifying and Assessing the Risks of Material Misstatement.

The AASB did not propose any Canadian amendments in ED-CAS 315, as no situations met the amendment criteria as stated in Appendix 1 to the CPA Canada Handbook – Assurance. Also, there were no public interest considerations identified particular to Canada that would require a Canadian amendment. The Board reviewed the changes made from the Exposure Draft to the final standard and concluded the changes would not require a Canadian amendment. Therefore, CAS 315 contains no amendments to the ISA wording.

Reviews the Basis of Conclusions on the AASB’s website.

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