Information
Jul 27, 2022
The International Auditing and Assurance Standards Board (IAASB) released its First-Time Implementation Guide for ISA 315, Identifying and Assessing the Risks of Material Misstatement. The guide focuses on the more substantial changes that were made to International Standard on Auditing (ISA) 315 (Revised 2019) and will help stakeholders understand and apply the revised standard as intended.
ISA 315 (Revised 2019) is effective for audits of financial statements for periods beginning on or after December 15, 2021. The implementation guide does not amend or override ISA 315. When implementing the standard, you need to understand and implement the requirements in ISA 315.
You can find the ISA 315 (Revised 2019) standard here.
You can read the implementation guide here.
Need assistance
Email enquiries and questions to Technical@Saiba.Org.Za for further assistance.
