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CAS 450, Evaluation of Misstatements Identified during the Audit

Ef­fec­tive date:

Effective for audits of financial statements for periods ending on or after December 14, 2010.

[Canadian Auditing Standard (CAS) 450, Evaluation of Misstatements Identified during the Audit, should be read in the conjunction with CAS 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards.]

Overview

This Canadian Auditing Standard (CAS) deals with the auditor's responsibility to evaluate the effect of identified misstatements on the audit and of uncorrected misstatements, if any, on the financial statements.

CAS 700, Forming an Opinion and Reporting on Financial Statements, deals with the auditor's responsibility, in forming an opinion on the financial statements, to conclude whether reasonable assurance has been obtained about whether the financial statements as a whole are free from material misstatement. The auditor's conclusion required by CAS 700 takes into account the auditor's evaluation of uncorrected misstatements, if any, on the financial statements, in accordance with this CAS.

CAS 320, Materiality in Planning and Performing an Audit, deals with the auditor's responsibility to apply the concept of materiality appropriately in planning and performing an audit of financial statements.

His­tory of CAS 450

Oc­to­ber 2016

The issuance of CAS 250, Consideration of Laws and Regulations in an Audit of Financial Statements, (NOCLAR) gave rise to a conforming amendment in paragraph 8.

Paragraph 8 is effective for periods ending on or after December 15, 2018. [In ISA 450, the equivalent paragraph's effective date is for periods beginning on or after December 15, 2017.] The amend­ments were in­cluded in a Hand­book up­date in March 2017. See Pro­ject.

Note: Our history summary does not take into account consequential amendments made as the result of other projects.

Amendments under consideration

  • None

Correction list for hyphenation

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