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FOR IMMEDIATE RELEASE
NEW IMPLEMENTATION GUIDE AVAILABLE FOR IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT IN AN AUDIT OF FINANCIAL STATEMENTS

(New York, New York, July 27, 2022)

The International Auditing and Assurance Standards Board (IAASB) today released its First-Time Implementation Guide for ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement. The guide focuses on the more substantial changes that were made to International Standard on Auditing (ISA) 315 (Revised 2019) and will help stakeholders understand and apply the revised standard as intended.

ISA 315 (Revised 2019) is effective for audits of financial statements for periods beginning on or after December 15, 2021. This publication does not amend or override ISA 315 (Revised 2019), the text of which alone is authoritative. Reading this publication is not a substitute for reading the standard.

Contact:
Megan Hartman
Senior Manager, Communications
+1 212 286 9344
meganhartman@iaasb.org

 
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