Revisions to ISA 315 - AASB

Date recorded:

At its meeting on October 16-18, 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: (i) proposed definitions for “internal controls” and “controls”; (ii) proposed changes relating to enhancing the auditor’s considerations of IT, in particular, as related to identifying and understanding general IT controls; and (iii) the requirement to obtain an understanding of the entity and its environment and the applicable financial reporting framework.

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

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