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Briefing for management and those charged with governance: Revised CAS 315

Help your audit clients understand the key changes in the new risk identification and assessment standard and how these changes affect them.

We have issued this briefing as a publication that can be shared with your audit clients to help explain the changes to Canadian Auditing Standard (CAS) 315, Identifying and Assessing the Risks of Material Misstatement and what these changes may mean for the upcoming audit engagement. This briefing will assist management and those charged with governance (TCWG) in preparing for and responding to the auditor’s requests pertaining to the new standard.

The briefing includes:

  • when and why the standard changed
  • key changes to the standard and the potential impact on the entity
  • questions TCWG may want to ask the auditor in light of the new standard

What further information is available?

Check out our other useful revised CAS 315 resources, including our:

  • Audit and Assurance alert
  • Implementation Tool for auditors
  • Audit Quality blog
  • Practitioner's Pulse webinar (April 2022)