At its meeting on September 14-15, 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:

• new and revised definitions for terms such as “internal controls”, “controls” and “significant risk”;
• proposed changes to the definitions of the five components of internal controls; and
• identification and assessment of the risk of material misstatement, in particular the separation of the requirements relating to the assessment of inherent risk and the assessment of control risk.

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