1. ISA 315 (Revised) Identifying and Assessing the Risks of Material Misstatement
Fiona Campbell, ISA 315 Task Force Chair & Deputy Chair of the IAASB
IAASB Meeting – New York, USA
Agenda Item 2
September 20, 2019

2. ISA 315 (Revised) – Walkthrough of the Standard
Par #
Requirements
1 – 15
Scope, Key Concepts, Effective Date, Objective
16 – 24
Definitions, Risk Assessment Procedures, Understanding the System of Internal Control
28 – 43
Components of the System of Internal Control, Deficiencies
45 – 54
Identifying ROMM, Assessing IR & CR, Documentation
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3. ISA 315 (Revised) – Walkthrough of the Standard
Par #
Application Materials
A1 – A36
Essential AM to definitions through to Observation & Inspection as RA Procedures
A37 – A47eb
Info from Other Sources to Understanding the Entity and its Applicable Financial Reporting Framework
A49 – A82
The Entity & Its Environment, to the Applicable Financial Reporting Framework
A88a – A114b
How IRFs affect Susceptibility to Misstatement, to Obtaining an Understanding of the Control Environment
A117 – A177
Obtaining an Understanding of Risk Assessment Process, to Control Activities
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4. ISA 315 (Revised) – Walkthrough of the Standard
Par #
Application Materials
A177a – A220c
Other controls the auditor considers appropriate, to Control Deficiencies
A201 – A239a
Identifying and Assessing ROMM, to Assessing Control Risk
A239b – A246
Evaluation of Audit Evidence to Documentation
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5. ISA 315 (Revised) – Walkthrough of the Standard
Par #
Appendices
App 1
Appendix 1 – Considerations for Understanding the Entity & Its Business Model
App 2
Appendix 2 – Understanding the Inherent Risk Factors
App 3
Appendix 3 – Understanding the Entity’s System of Internal Control
App 4
Appendix 4 – Considerations for Understanding an Entity’s Internal Audit Function
App 5
App 6
Appendix 5 – Considerations for Understanding IT
Appendix 6 – Considerations for Understanding General IT Controls
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6. ISA 315 (Revised) ‒ Conforming Amendments
200
Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
240
The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
330
The Auditor’s Responses to Assessed Risks
540 (Revised)
Auditing Accounting Estimates and Related Disclosures
Other
Various – Supplement to Agenda Item 2-I – NO CHANGES
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