Revisions to ISA 315 - IAASB

Date recorded:

At its meeting on March 14-18, 2016, the IAASB reviewed a Staff paper which sets out the background to the project, the post-implementation review findings related to ISA 315 (Revised) and anticipated interactions with other current IAASB projects. The Board provided comments on the Staff paper and noted that certain aspects of the ISA 315 (Revised) project would need to be prioritized due to the interactions with the ISA 540 project, in particular the inconsistency in the nature and number of significant risks identified, identification of controls relevant to the audit, and risks and controls arising from information technology.

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