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International Standards on Auditing 315 (Revised) - Identifying and Assessing the Risk of Material Misstatement - Workshop (Virtual Classroom)

Course Details

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This online course is being delivered live in a single 4 hour session which runs from 13:00 – 17:00 London (UK).

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.

Learning Objectives

At the end of this course participants will:

  • Explain the changes from the extant ISA315
  • Describe the new concepts introduced in ISA315(R)
  • Discuss the risk assessment process in ISA315(R)
  • Identify the risk response process link between ISA315(R) and ISA330
  • Apply the requirements of the stand-back clause
  • Illustrate the practical value in quality and efficiencies of the new standard

Who Should Attend

  • Public practitioners who audit, or play a substantial role in auditing, public company financial statements
  • Audit supervisors and managers at public audit practices


  • The changes from extant ISA315 to ISA315(R)
  • ISA315(R): New terms and concepts introduced
  • Risk assessment process
  • Obtaining an understanding of the entity and its environment: a practical application
  • Risk identification and response
  • Stand-back provision
  • The documentation of risk assessment and professional judgement
  • Audit efficiencies and the impact of ISA315(R) on resource allocation

Teaching Method

  • On-line live group instruction which blends instruction with activities
  • Focus on applying learning to real-world analyses
  • Highly interactive, share insights and knowledge while learning from others


The instructor for this course will be drawn from one of our core faculty of subject matter experts. Further details will be published at the earliest opportunity.


Our seminars take place in professional conference facilities, usually situated within a carefully chosen and well-located hotel. We use prestigious brands such as Radisson Blu, Hilton and Marriott.

Detailed Joining Instructions are sent to all registered delegates by email approximately one month before the event. The Joining Instructions will confirm exact venue details and nearby (or onsite) hotel recommendations with bedroom rates where available. Refreshments and lunch are provided at our events.

CPE/CPD Accreditation

IASeminars is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.


Field of study: Accounting


A reasonable understanding of auditing. No advance preparation is required for this course.