Identifying and Assessing the Risks of Material Misstatement - ISA 315 (Revised 2019)

Through revising, reorganizing and enhancing the extant standard, the changes were intended to:

• Promote consistency in application of procedures for risk identification and assessment.
• Make the standard more scalable through revised principles-based requirements.
• Reduce the complexity and make the standard more usable by auditors of all entities, whatever the nature or complexity.
• Encourage a more robust risk assessment thereby more focused responses to those identified risks.
• Support auditors using the standard by incorporating guidance material that recognizes the evolving environment, including in relation to information technology.