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Revisions to ISA 315 - AASB

Date recorded:

At its meeting on October 15-16, 2018, the AASB reviewed comments received from Canadian stakeholders on the its Exposure Draft of proposed revisions to CAS 315. Issues respondents raised that the Board discussed included: (i) the enhancement and clarification of requirements related to the auditor’s identification of controls relevant to the audit; and (ii) the separate assessment of inherent and control risk at the assertion level. The Board discussed its draft response letter to the International Auditing and Assurance Standards Board’s (IAASB’s) Exposure Draft with the same title. It will review a final draft of the response before submission in early November 2018. The AASB also unanimously approved the Canadian Exposure Draft Supplement to its Exposure Draft of proposed revisions to CAS 315. The Exposure Draft Supplement proposes conforming amendments to CAS 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Canadian Auditing Standards, and CAS 540, Auditing Accounting Estimates, including Fair Value Accounting Estimates, and Related Disclosures. The Exposure Draft Supplement is expected to be issued in January 2019, with a response deadline of May 1, 2019.

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

Correction list for hyphenation

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