Revisions to ISA 315 - AASB

Date recorded:

At its meeting on November 28-29, 2016, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to amend ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, including: (i) identifying significant accounts and inherent risks; (ii) classes of risks and terminology to describe them; (iii) use of qualitative factors in identification and assessment of inherent risks; (iv) exploration of including a “spectrum of risk”; and (v) understanding how internal controls impact the risk assessment.

Review the executive summary on the AASB's Web site.

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