CAS 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
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Effective date: |
Effective for audits of financial statements for periods ending on or after December 15, 2013 except for subsequent amendments. |
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[Canadian Auditing Standard (CAS) 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, should be read in conjunction with CAS 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards.] |
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Overview
This Canadian Auditing Standard (CAS) deals with the auditor's responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity's internal control.
The objective of the auditor is to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity's internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement.
History of CAS 315
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Date |
Development |
Comments |
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June 2017 |
Paragraphs 18 and 26 amended to address the adequacy of disclosures in the audit of financial statements. |
Amended paragraphs 18 and 26 are effective for audits of financial statements for periods ending on or after December 15, 2018. Earlier application is permitted. |
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May 2020 |
The revisions to CSA 315 are effective for audits of financial statements for periods beginning on or after December 15, 2021. Earlier application is permitted. |
Note: Our history summary does not take into account consequential amendments made as the result of other projects.
Amendments under consideration
- None