Revisions to ISA 315 - AASOC

Date recorded:

At its meeting on February 16, 2017, the AASOC and AASB discussed issues related to the IAASB’s project to revise ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, including new concepts that the IAASB proposes to introduce in the revised standard, and the clarity around explaining these concepts. Such new concepts include: changes to the classes of risks and the terminology used to describe them; the use of qualitative factors in identifying and assessing inherent risks; and understanding how internal controls affect the risk assessment.

Review the minutes on the AASOC's Web site.

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