Implementation Support for ISA (NZ) 315 (Revised)

  • Auditing

ISA (NZ) 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment was issued in April 2020 and will be effective for audits of financial statements for periods beginning on or after 15 December 2021.

The standard has been significantly revised to require a more robust approach to risk identification and assessment, to promote better responses to identified risks. 

The Financial Markets Authority (FMA) has continued to highlight the importance of understanding an entity and its environment and has identified a focus on proper risks identification as part of the auditor regulation and oversight plan.

Here you will find:

  • The revised standard.
  • A Factsheet providing an overview what has changed
  • Support materials on the use of automated tools and techniques when identifying risk of material misstatements
  •  An Implementation tool
  • First time implementation guides to assist in adoption of the revised standard. (coming soon)

Revised Standard ISA (NZ) 315 (Revised)

Have a look


IAASB Factsheet

Download PDF


IAASB Support Materials

Using automated tools and techniques when identifying risk of material misstatements

Download PDF


CPA Canada Revised CAS 315 Implementation Tool for auditors

This tool focuses on selected new requirements and emphasizes the scalability of the standard with a focus on less-complex entities.

Download 


The IAASB’s first time implementation guide

Coming soon