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

Published: Jul 16, 2018, 182 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.

Proposed ISA 315 (Revised)


Overall risk assessment flowchart


Understanding of Internal Control flowchart


Understanding of the IT environment flowchart


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