ISA 315 (revised): major changes to the standard

МСА 315 (пересмотренный)
March 29, 2023

The International Standard on Auditing 315 (ISA 315) is one of the key international standards that regulates the procedures for auditing financial statements and establishes requirements for auditors to assess the risks associated with the client’s financial statements. ISA 315 (revised) covers changes in both the business environment and new regulatory requirements.

This standard was first published in 2003, and updated in 2019. The updated ISA 315 was published in April 2021 and became effective on December 15, 2022. Thus, when conducting an audit of financial statements prepared in accordance with the requirements of International Financial Reporting Standards (IFRS) for 2022, the application of the provisions of the above updated standard is mandatory for all auditors.

The key changes in ISA 315 (revised) are as follows:

  1. raising the requirements for auditors in assessing the risks associated with errors in the financial statements of clients and fraud;
  2. introducing new requirements for auditors to assess risks related to changes in the client’s business models, technological changes, as well as changes in legislation;
  3. clarifying requirements for auditors when assessing risks associated with groups of companies and business segments;
  4. establishing new requirements for auditors to assess risks associated with the use of cloud technology providers’ services.

The purpose of ISA 315 is to assist auditors in assessing the risks of material misstatements in financial statements that are associated with insufficient control of internal processes occurring in the company. The importance of this issue lies in the fact that insufficient control can lead to errors in reporting, which can affect the decisions of investors, creditors and (or) other stakeholders.

ISA 315 (revised) includes several changes that improve the effectiveness of the standard, as well as ensure its compliance with modern requirements. For example, the standard focuses on the risks associated with technological changes and digital processes that may affect the control of internal processes in the company.

ISA 315 (revised) is an important step in improving procedures during the audit of financial statements, it helps auditors to more effectively assess the risks associated with the client’s financial statements, provide more accurate and reliable information for all stakeholders and improve the quality of the audit.


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