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Revisions to ISA 315 - AASB

Date recorded:

At its meeting on March 5-6, 2018, 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:

  • the inclusion of introductory paragraphs;
  • the definition of inherent risk factors; and
  • requirements related to identifying and assessing the risks of material misstatement, including a separate assessment of inherent and control risks.

The IAASB expects to approve an exposure draft of revised ISA 315 in June 2018. The Board anticipates approving a Canadian exposure draft shortly thereafter.

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.