At their meeting on March 13-17, 2017, the IAASB further discussed possible changes to ISA 315 (Revised), including some of the elements of internal control and the related work effort, as well as provided initial views in relation to the impact of IT emphasizing the need for enhanced application material to illustrate the work effort in relation to less complex IT systems. The IAASB were supportive of a separate identification and assessment of inherent and control risk instead of a combined approach. The Board also supported retaining the concept and further exploration of a definition to clarify what a significant risk should be, as well as the interaction of significant risks with a spectrum of risks. The ISA 315 (Revised) Task Force will continue to work with the Data Analytics and Professional Skepticism Working Groups and further progress the project on the aspects discussed at the meeting.

Review the summary on the IAASB's Web site.