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CPA Canada Article – IAASB reviewing ISA 315 and audit risk model

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Jul 21, 2016

On July 21, 2016, CPA Canada issued an article written by Eric Turner, Director, Auditing and Assurance Standards, CPA Canada, alerting readers to the fact that the International Auditing and Assurance Standards Board is currently reviewing ISA 315, "Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment", and the audit risk model with a view to making a number of improvements.

The article covers the following topics: (i) What changes are being considered? (ii) What are the problem areas? and (iii) Where is the low-hanging fruit?

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