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Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement

IAASB
Jul 16, 2018 | Exposure Drafts and Consultation Papers
249 Pages
English

Comments due by: Nov 02, 2018

To ensure that International Standards on Auditing continue to form the basis for high-quality, valuable and relevant global audits, the IAASB Exposure Draft, ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement, proposes more robust requirements and improved guidance to:

  • Drive consistent and effective identification and assessment of risks of material misstatement;
  • Modernize 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;
  • Improve the standard’s applicability to entities across a wide spectrum of circumstances and complexities; and
  • Focus auditors on exercising professional skepticism throughout the risk identification and assessment process.

Comments are requested by November 2, 2018.

 

Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.

Submitted Comment Letters

1. Miguel Fonseca Cortina  (Colombia)
September 18, 2018

2. Dr. Richard Wittsiepe  (Germany)
October 15, 2018

3. Financial Reporting Council (United Kingdom)
October 26, 2018

4. FocusROI Inc  (Canada)
October 26, 2018

5. Malaysian Institute of Accountants  (Malaysia)
October 30, 2018

6. Swedish National Audit Office  (Sweden)
October 30, 2018

7. UNSW Sydney - Auditing and Assurance Research Network  (Australia)
October 30, 2018

8. International Forum of Independent Audit Regulators
October 31, 2018

9. New York State Society of Certified Public Accountants  (United States)
October 31, 2018

10. AICPA  (United States)
October 31, 2018

11. South African Institute of Chartered Accountants (SAICA)  (South Africa)
October 31, 2018

12. Grant Thornton International Ltd
October 31, 2018

13. S. Dianne Azoor Hughes
October 31, 2018

14. Committee of European Auditing Oversight Bodies
November 1, 2018

15. BDO International Limited
November 1, 2018

16. FEDERACIÓN ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONÓMICAS  (Argentina)
November 1, 2018

17. Wales Audit Office  (United Kingdom)
November 1, 2018

18. The Malaysian Institute of Certified Public Accountants (MICPA)  (Malaysia)
November 1, 2018

19. Training and Advisory Services & Chartered Accountants Academy  (Zimbabwe)
November 1, 2018

20. Asociación Interamericana de Contabilidad -AIC
November 1, 2018

21. Institute of Chartered Accountants of Zimbabwe  (Zimbabwe)
November 1, 2018

22. THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)  (Ghana)
November 1, 2018

23. Auditor General of the Ville de Montréal  (Canada)
November 1, 2018

24. DTTL
November 1, 2018

25. ACCA & CA ANZ
November 1, 2018

26. Hong Kong Institute of Certified Public Accountants  (Hong Kong (Special Administrative Region of China))
November 1, 2018

27. The Institute of Internal Auditors
November 1, 2018

28. Australian Auditing and Assurance Standards Board  (Australia)
November 1, 2018

29. AASB Canada  (Canada)
November 2, 2018

30. Auditor-General of Alberta
November 2, 2018

31. NATIONAL BOARD OF ACCOUNTANTS AND AUDITORS - TANZANIA  (Tanzania, United Republic of)
November 2, 2018

32. U.S. Government Accountability Office  (United States)
November 2, 2018

33. Office of the Auditor General of Canada  (Canada)
November 2, 2018

34. The New Zealand Auditing and Assurance Standards Board  (New Zealand)
November 2, 2018

35. Institute of Chartered Accountants in England and Wales (ICAEW)
November 2, 2018

36. RSM International Limited
November 2, 2018

37. Royal NBA  (Netherlands)
November 2, 2018

38. Pan African Federation of Accountants
November 2, 2018

39. Wirtschaftsprueferkammer  (Germany)
November 2, 2018

40. FSR - danske revisorer  (Denmark)
November 2, 2018

41. MNP LLP  (Canada)
November 2, 2018

42. Accountancy Europe
November 2, 2018

43. ICAS  (United Kingdom)
November 2, 2018

44. CPA Australia
November 2, 2018

45. IFAC SMP Committee
November 2, 2018

46. KPMG IFRG Limited
November 2, 2018

47. Center for Audit Quality  (United States)
November 2, 2018

48. Finnish Association of Authorised Public Accountants  (Finland)
November 2, 2018

49. Independent Regulatory Board for Auditors (IRBA)  (South Africa)
November 2, 2018

50. Crowe Global
November 2, 2018

51. Ernst & Young Global Limited
November 2, 2018

52. The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India  (India)
November 2, 2018

53. LYNESSA DIAS  (Canada)
November 2, 2018

54. PwC
November 4, 2018

55. Institute of Public Accountants  (Australia)
November 5, 2018

56. Canadian Public Accountability Board  (Canada)
November 5, 2018

57. Institute of Chartered Accountants of Pakistan
November 5, 2018

58. Institute of Singapore Chartered Accountants  (Singapore)
November 5, 2018

59. CIPFA
November 6, 2018

60. The Japanese Institute of Certified Public Accountants  (Japan)
November 7, 2018

61. Basel Committee on Banking Supervision
November 7, 2018

62. Baker Tilly Virchow Krause LLP  (United States)
November 8, 2018

63. International Association of Insurance Supervisors
November 12, 2018

64. Instituto dos Auditores Independentes do Brasil  (Brazil)
November 14, 2018

65. Altaf Noor Ali Chartered Accountants
November 14, 2018

66. Institut der Wirtschaftsprüfer
November 16, 2018

67. Irish Auditing & Accounting Supervisory Authority
November 26, 2018

68. European Federation of Accountants and Auditors for SMEs
November 26, 2018

69. Compagnie Nationale des Commissaires aux Comptes and the Conseil Superieur de I’Ordre des Experts-Comptables
November 26, 2018

70. Belgian Institute of Registered Auditors (IBR-IRE)  (Belgium)
November 27, 2018

71. The Auditing Standards Committee of the Auditing Section of the American Accounting
January 10, 2019

72. International Organization of Securities Commissions
January 11, 2019

 

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