This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice ( for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Revisions to ISA 315 - IAASB

Date recorded:

At its meeting on October 24-26, 2017, the IAASB broadly discussed revisions to the definition of ‘controls,’ as well as what it means to obtain an understanding of the five components of internal control. The Board also discussed proposed changes in relation to IT aspects when obtaining an understanding of the entity and its environment, the entity’s financial reporting framework and the components of internal control (including in relation to general IT controls). The Board broadly supported the proposed changes but highlighted that the boundary of the auditor’s understanding in relation to financial reporting needed to be clarified.

Review the summary and podcast on the IAASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.