Internal trainings conducted on ISA 315 (revised)

January 19, 2023

Business Assurance conducted internal trainings on ISA 315 Identifying and Assessing the Risks of Material Misstatement through understanding the Entity and Its Environment (mandatory in the audit of financial statements of companies prepared in accordance with IFRS for 2022).

ISA 315 (revised, 2019) has been improved to form a stronger basis for auditing, in particular, it is expected that better identification and assessment of risks will improve the audit procedures required by other standards.

The ISA 315 review project began in early 2016 in response to key findings from the IAASB project on monitoring the implementation of the ISA. The review was completed in 2013, and key and important findings regarding ISA 315 (revised) included the following:

  • There was a discrepancy in the nature and number of significant risks identified in practice;
  • Getting an understanding of the internal control system was difficult to put into practice;
  • The risks of information technology (IT) are not sufficiently taken into account in the standard.

The previous version of ISA 315 was replaced by ISA 315 (revised, 2019) for accounting periods beginning on or after December 15, 2021.

Тренинг МСА 315


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