37. Do the CASs change the requirements with respect to determining materiality?

Yes. Canadian Auditing Standard (CAS) 320, Materiality in Planning and Performing an Audit, contains requirements on determining materiality at three separate levels:

• Materiality for the financial statements as a whole;
• If applicable, the materiality level or levels for particular classes of transactions, account balances or disclosures; and
• Performance materiality, for purposes of assessing the risks of material misstatement and determining the nature, timing and extent of further audit procedures.

CAS 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) also contains requirements on setting materiality levels for group audits.