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Revisions to ISA 315 - AASOC

Date recorded:

At the AASOC meeting on July 7-8, 2016, it was noted that the IAASB is expected to approve a project to consider revisions to ISA 315 at its September 2016 meeting. The AASB discussed key issues raised by the IAASB’s task force including: (i) the proposed project objectives; (ii) whether there is a need to introduce a framework to facilitate the auditor’s assessment of risk; (iii) what information or documentation is required when tracing transactions through the business process; (iv) how to document the use of the auditor’s judgment; and (v) how to address impact on other key standards, including assessing fraud and the auditor’s responses to risk.

Review the minutes on the AASOC's Web site.

Correction list for hyphenation

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