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Revisions to ISA 315 - AASB

Date recorded:

At its meeting on December 4-5, 2017, the AASB provided input to the CPA Canada nominee on the IAASB on 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:

  • changes to key definitions such as “qualitative inherent risk factors” and “significant class of transactions, account balance or disclosure”;
  • requirements related to understanding each component of internal controls; and
  • requirements to identify and assess the risks of material misstatement, including inherent and control risks.

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

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.