Revising the risk assessment: ISA 315

Katherine Bagshaw FCA examines some the many long-standing issues of ISA 315, Identifying and Assessing the Risks of Material Misstatement, and what the Exposure Draft of the revised standard improves upon

If you were to map out all of the auditing standards in a spider diagram, ISA 315 would sit in the middle, along with ISA 330, The Auditor's Responses to Assessed Risks, and ISA 220, Quality Control for an Audit of Financial Statements. Everything in an audit can be traced back to ISA 315, and the changes to it currently being proposed are significant.

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