Revisions to ISA 315 – IAASB

Date recorded:

At its meeting on December 10-14, 2018, the ISA 315 Task Force Chair provided a high level overview of the initial analysis of the comment letters received on proposed ISA 315 (Revised) (ED–315). The Board discussed respondents’ concerns about the length and complexity of ED–315, and potential difficulties in understanding and applying it in practice, with particular reference to scalability, emphasizing the need to think broadly about how these concerns could be addressed. The Board also acknowledged particular areas of broad support, including the flowcharts, introductory paragraphs, the inherent risk factors, enhancements to IT and the approach taken in relation to automated tools and techniques. The ISA 315 Task Force will continue to analyze the comment letters and will present its initial proposals to respond to the comments received to the Board at the March 2019 meeting.

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

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