In September 2019, the IAASB approved ISA 315 (Revised 2019), Identifying and Assessing Risks of Material Misstatements, which includes a more robust and consistent risk identification and assessment. The revised standard sets out clarified and enhanced requirements, and enhanced application material, to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s risk assessment in accordance with ISA 330, The Auditor’s Responses to Assessed Risks.
The IAASB is undertaking a post-implementation review of ISA 315 (Revised 2019) to:
- Determine whether the revised standard has achieved its intended purpose by identifying:
- Improvements or benefits from applying the revised standard; and
- Practical challenges or questions regarding its application, including whether it is being consistently understood and implemented; and
- Determine what actions, if any, are needed by the IAASB to address identified matters.
Project Timeline
Please note that forecasted milestones are targets and are subject to change.
Project Team
IAASB Staff Contacts