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.