2019年12月19日 · ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, has been revised to include a more robust and consistent risk identification and assessment.

This International Standard on Auditing (ISA) deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment,

2023年2月23日 · The Revised ISA 315 is widely seen as a much-needed course correction which encourages auditors to gain an understanding of the IT systems in use within the business environment and the associated risk factors.

In this article, we aim to summarise the key changes introduced by revised ISA 315 with respect to identification and assessment of material misstatement in the financial statements.

2023年2月22日 · The 2019 revision has introduced the most significant ISA 315 changes since 2003. In summary, changes have been made to the way risk is assessed and measured, the requirements for understanding an entity’s IT environment and the use of professional scepticism throughout the audit.

2022年7月27日 · This guide focuses on the more substantial changes that were made to International Standard on Auditing 315 (Revised 2019) and will help stakeholders understand and apply the revised standard as intended.

Through revising, reorganizing and enhancing the extant standard, the changes were intended to: Promote consistency in application of procedures for risk identification and assessment. Make the standard more scalable through revised principles-based requirements.

The fundamental changes of ISA 315 (Revised 2019) are: Emphasis on the Role of Professional Skepticism: The revised standard emphasizes the importance of exercising professional skepticism throughout the entire audit process, including in identifying and assessing risks of material misstatement.

In September 2019 the International Audit and Assurance Standards Board approved revisions to ISA 315 Identifying and Assessing the Risks of Material Misstatement (“the revised standard”) The effects of these revisions will require firms to rethink their approach to risk assessment.

2021年4月5日 · ISA 315 deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity’s internal control.