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Proposed Changes to ISA 315 (Revised) to Advance Audit Quality
The International Auditing and Assurance Standards Board (IAASB) seeks public comment by 2 November 2018 on Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement.
To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB proposes more robust requirements and improved guidance to:
o Drive consistent and effective identification and assessment of risks of material misstatement;
o Modernise 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;
o Improve the standard’s applicability to entities across a wide spectrum of circumstances and complexities; and
o Focus auditors on exercising professional skepticism throughout the risk identification and assessment process.
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