ISA (NZ) 315
Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment
This Standard deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity’s internal control.
Effective for audits of financial statements for periods as indicated. Also applies to subsequent annual reporting periods until that standard is superseded by a new/amended/revised standard.