Revisions to ISA 315 - AASB

Date recorded:

At its meeting on September 12-13, 2016, the AASB discussed issues related to the IAASB’s project to amend ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, including: (i) the components of internal control relevant to the audit; (ii) assessment of the risk of material misstatement; and (iii) whether risks should be assessed on a “spectrum of risk”.

The AASB strongly supports this project and intends to setup an advisory group to assist staff and the AASB identify Canadian issues.

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

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