ISA 315 (Revised 2019)
ISA 315 (Revised 2019) was approved at the September 2019 International Auditing and Assurance Standards Board (IAASB) meeting and is effective for audits of financial statements for periods beginning on or after 15 December 2021.
An audit is performed following a risk-based approach, and as such the provisions of ISA 315 (Revised 2019) are of utmost importance not only for planning the audit, but also ensuring the audit is executed in such a way that all risks are addressed.
The revised standard provides for major changes in the approach to identify and assess risks, which will ensure a focused response from auditors to these risks. The enhancements affect all audits and audit firms of all sizes will need to revise their approach to risk assessment.