Beginning with audits of financial statements for periods beginning on or after December 15, 2021, CAS 315, Identifying and Assessing the Risks of Material Misstatement, was significantly revised, reorganized, and enhanced to respond to challenges and issues faced by practitioners. The revisions require a more robust risk identification and assessment process to promote improved responses to identified risks. Among the more notable enhancements was increased guidance on Information Technology (IT), particularly on general IT controls (GITCs). This course will cover the concepts and definitions needed to understand an organization’s use of IT as well as the enhancements and clarifications to help you, the auditor, apply the audit risk model to IT in planning your audit engagements.

This course reviews the revisions to CAS 315, Identifying and Assessing the Risks of Material Misstatement. In particular, it will review the key changes to obtaining an understanding of an organization’s use of IT and the risks arising from that use. The course builds on the participants understanding of planning an audit, with a risk-based approach, based on a strong understanding of the business and its environment, including technology.

This course will focus on obtaining an understanding of the IT Environment and GITCs. To accomplish this, it will first start with an introduction to the components of IT that are relevant to an audit of financial statements and the linkage between the business and IT processes and controls within the entity’s system of internal control.

In short, this course is intended to provide participants with guidance on the practical application of key revisions in the standard relating to IT.

• develop an approach to the implementation of CAS 315 in their practice related to obtaining an understanding the 5 components of internal control, with a focus on the IT Environment and General IT controls
• apply the control risk assessment, recognizing the role of technology
• describe the concept of “scalability” and how the requirements of CAS 315 vary based on the nature and size of an organization

• components of internal control, including IT
• gaining an understanding of an organization’s use of IT
• components of IT that are relevant to the audit of financial statements
• risks arising from the Use of IT
• an introduction to General IT Controls
• primer on end user computing

Course Content Created: October 2024

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About This Product

On-Demand Courses by CPA PRO are either video recordings from live seminars, or video recordings produced specifically for the on-demand audience. Slides and any corresponding handout materials are included where available.These titles are eligible for Verifiable CPD Hours – in order to claim these hours as verifiable, you will be required to successfully complete a short quiz. You will be able to print or save your electronic certificate of completion.

Note that some courses comprise both formal instruction and self-directed exercises. In such cases, participants must complete both components to claim full CPD hours, or must reduce their reported CPD hours accordingly.

Please note that not all on-demand courses include downloadable materials such as course notes or slides.

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