ISA 315 (Revised)

Objective

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.

Project Stages

 

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