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Revisions to ISA 315 - IAASB

Date recorded:

At its meeting on December 11-15, 2017, the IAASB discussed a first read of proposed changes to the requirements and application material of ISA 315 (Revised). The Board broadly supported the proposals, but asked for further consideration by the Task Force on various matters. In particular, the Board recognized the need for further consideration about scalability, but agreed that scalability should be presented through the requirements and application material in context of the auditor’s consideration of risk thereby eliminating the need for “considerations for smaller entities.” The Task Force will continue to progress the proposed changes to the standard for a second read of an exposure draft in March 2018.

Review the summary, including the podcast, on the IAASB's Web site.

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