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Revisions to ISA 315 – AASB

Date recorded:

At its meeting on March 4-5, 2019, the AASB provided input to the IAASB members from Canada on issues related to the responses received on the Exposure Draft of proposed ISA 315 (Revised). The Board discussed the IAASB’s proposed changes to: (i) understanding of the entity’s system of internal control; (ii) individual components of internal control; (iii) separate assessment of inherent and control risk; and (iv) concepts of relevant assertions and significant classes of transactions, account balances and disclosures. The Board will continue to discuss this project at future meetings.

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.