International Standards on Auditing 315
INTERNATIONAL STANDARD ON AUDITING 315
IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL
MISSTATEMENT THROUGH UNDERSTANDING THE
ENTITY AND ITS ENVIRONMENT
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
CONTENTS
Paragraph
Introduction
Scope of this ISA .................................................................................. 1
Effective Date ....................................................................................... 2
Objective .............................................................................................. 3
Definitions ............................................................................................ 4
Requirements
Risk Assessment Procedures and Related Activities ................................ 5-10
The Required Understanding of the Entity and Its Environment,
Including the Entity’s Internal Control ............................................ 11-24
Identifying and Assessing the Risks of Material Misstatement ............ 25-31
Documentation ...................................................................................... 32
Application and Other Explanatory Material
Risk Assessment Procedures and Related Activities ............................ A1-A16
The Required Understanding of the Entity and Its Environment,
Including the Entity’s Internal Control ............................................ A17-A104
Identifying and Assessing the Risks of Material Misstatement ............ A105-A130
Documentation ...................................................................................... A131-A134
Appendix 1: Internal Control Components
Appendix 2: Conditions and Events That May Indicate Risks of
Material Misstatement
IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT
THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT
ISA 315 272
International Standard on Auditing (ISA) 315, “Identifying and Assessing the Risks of Material
IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL
MISSTATEMENT THROUGH UNDERSTANDING THE
ENTITY AND ITS ENVIRONMENT
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
CONTENTS
Paragraph
Introduction
Scope of this ISA .................................................................................. 1
Effective Date ....................................................................................... 2
Objective .............................................................................................. 3
Definitions ............................................................................................ 4
Requirements
Risk Assessment Procedures and Related Activities ................................ 5-10
The Required Understanding of the Entity and Its Environment,
Including the Entity’s Internal Control ............................................ 11-24
Identifying and Assessing the Risks of Material Misstatement ............ 25-31
Documentation ...................................................................................... 32
Application and Other Explanatory Material
Risk Assessment Procedures and Related Activities ............................ A1-A16
The Required Understanding of the Entity and Its Environment,
Including the Entity’s Internal Control ............................................ A17-A104
Identifying and Assessing the Risks of Material Misstatement ............ A105-A130
Documentation ...................................................................................... A131-A134
Appendix 1: Internal Control Components
Appendix 2: Conditions and Events That May Indicate Risks of
Material Misstatement
IDENTIFYING AND ASSESSING THE RISKS OF MATERIAL MISSTATEMENT
THROUGH UNDERSTANDING THE ENTITY AND ITS ENVIRONMENT
ISA 315 272
International Standard on Auditing (ISA) 315, “Identifying and Assessing the Risks of Material