Implementation support for ISA (NZ) 315 (Revised)
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.
This page provides:
- The revised standard
- A Factsheet providing an overview of what has changed
- Supporting materials on the use of automated tools and techniques when identifying risk of material misstatements
- Scalability considerations for audits of less complex entities
- Frequently asked questions
- First time implementation guides to assist in adoption of the revised standard. (coming soon)
Revised Standard ISA (NZ) 315 (Revised)
This 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 has continued to highlight the importance of understanding an entity and its environment, and has identified a focus on proper risk identification as part of the auditor regulation and oversight plan.
IAASB Support Materials
Using automated tools and techniques when identifying risk of material misstatements.
CPA Canada Revised CAS 315 Implementation Tool for auditors
This tool focuses on selected new requirements and emphasises the scalability of the standard with a focus on less complex entities.
AUASB Scalability considerations for audits of less complex entities
Have a look here.
Frequently asked questions (FAQs)
Click here to access FAQs on the revised standard released by the Australian Auditing and Assurance Standards Board.
The IAASB’s first time implementation guide
Last updated: 28 July 2022