Revised CAS 315 resources

CAS 315 has been significantly revised to promote a more effective risk identification and assessment. Learn about the changes to the standard and understand how these will impact your audit engagements.

Revised CAS 315, Identifying and Assessing the Risks of Material Misstatement, is now in effect for all audits of financial statements for periods beginning on or after December 15, 2021. Identifying and assessing the risks of material misstatements is the foundation to every audit. It provides the basis for designing and implementing the responses to those risks and impacts the nature, timing and extent of your audit procedures.

The standard has been significantly enhanced to evolve with the increasingly complex economic, technological, and regulatory aspects of the markets and environments in which entities and audit firms operate.

Our free guidance materials have been compiled to:

  • help you understand the key changes and enhancements to this foundational standard
  • equip you for a successful implementation of the standard in your 2022 audits and beyond


Risk Management and Assessment for Business Investment Concept. Modern graphic interface showing symbols of strategy in risky plan analysis to control unpredictable loss and build financial safety.Audit and assurance alert: Revised CAS 315, risks of material misstatement (May 2020)
Learn about changes to the auditor’s responsibilities related to revised CAS 315, Identifying and Assessing the Risks of Material Misstatement.

Businessperson working at a laptop computer while taking notes.Implementation tool for auditors: Revised CAS 315, risks of material misstatement (June 2021)
This tool focuses on selected new and certain other requirements in CAS 315 and emphasizes the scalability of the standard with a focus on less-complex entities.

Business person adding a wooden block to a partially completed wall.Blog: CAS 315 – Preparing for the new risk identification and assessment standard
Learn about significant revisions to Canadian Auditing Standard (CAS) 315 that  promote more effective risk identification and assessment—your audit depends on it.

Businessman sitting in front of laptop in modern office.Free Webinar: Practitioner’s Pulse (April 2022) – CAS 315, Preparing for the new risk assessment standard
Join us to hear a representative from the Auditing and Assurance Standards Board (AASB) and practitioners from BDO share key revisions and enhancements to revised CAS 315, as well as tips for implementation.

Paint brush painting a blue chart line upwards breaking out the canvas.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.

Resources from IFAC: