Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement

IAASB
| Exposure Drafts and Consultation Papers
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Comments due by:

To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement, proposes more robust requirements and improved guidance to:

  • Drive consistent and effective identification and assessment of risks of material misstatement;
  • Modernize ISA 315 to meet evolving business needs, including information technology, and how auditors use automated tools and techniques, including data analytics, to perform audit procedures;
  • Improve the standard’s applicability to entities across a wide spectrum of circumstances and complexities; and
  • Focus auditors on exercising professional skepticism throughout the risk identification and assessment process.

Comments are requested by November 2, 2018.
Proposed ISA 315 (Revised)
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Overall risk assessment flowchart
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Understanding of Internal Control flowchart
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Understanding of the IT environment flowchart
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