15 December 2022
This new tool will help auditors implement the new International Standard on Auditing (ISA) 315 which came into effect for audits of financial statements for periods beginning on or after December 15, 2021. The tool does not replace the need to read ISA 315, including its application and other explanatory material.
The implementation tool provides:
- An overview of core concepts and explains new and previously existing requirements.
- Examples and emphasizes the scalability of the standard with a focus on less complex entities.
These tools support efforts to improve audit quality globally and, more broadly, international standards’ adoption and implementation. Additional guidance and resources are available on the dedicated Supporting International Standards section of the IFAC Knowledge Gateway.
You can access the Implementation Tool here.
