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To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement, proposes more robust requirements and improved guidance to:
- Drive consistent and effective identification and assessment of risks of material misstatement;
- Modernize ISA 315 to meet evolving business needs, including information technology, and how auditors use automated tools and techniques, including data analytics, to perform audit procedures;
- Improve the standard’s applicability to entities across a wide spectrum of circumstances and complexities; and
- Focus auditors on exercising professional skepticism throughout the risk identification and assessment process.
ISCA takes a leading role in advocating the views and proposals of the audit community in Singapore. ISCA would hence like to seek views from key stakeholders in Singapore on the above proposal.
ISCA requires all comments to be submitted to auditquality@isca.org.sg by 22 August 2018.
Read more Click here for the Conforming Amendments