ISA 315 (Revised 2019): Identifying and Assessing the Risks of Material Misstatement

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. The revised standard sets out clarified and enhanced requirements, and enhanced application material, to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s risk assessment in accordance with ISA 330, The Auditor’s Responses to Assessed Risks.