This online course is being delivered live in a single 4 hour session which runs from 13:00 – 17:00 London (UK).
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The IAASB published the revised risk identification and response auditing standard, ISA315(R): Identifying and Assessing the Risk of Material Misstatement in December 2019. The standard is applicable for audits of periods beginning on or after 15 December 2021.
The revision to this standard is a result of numerous quality-related findings and correlating observations in the profession of the need for more robust revisions to the standards relating to quality, professional scepticism and consistency in application. Both the standard and the related application material, and conforming amendments to related standards, have been made to enhance the user’s understanding of “what” needs to be done – moving from principles to more direct guidance and clarification.
As with other recent and current revision projects, this standard has also been revised to incorporate scalability and modernization of systems and technology.
This short course is designed to provide the auditor with an in-depth understanding of the requirements of the new standard and examples of practical application. A proper understanding of these principles will enable audit planning to bring improved quality to audit responses to risk, as well as audit efficiencies in directing audit resources to responding to risk and not to areas which do not need as much auditor time and attention.