Wednesday 2 November 2022


2:30 pm


1.5 CPD Hours

Session Topic

Implementing the revised ASA 315 Identifying and Assessing the Risks of Material Misstatement (Part 1) – General Principles

A revised ASA 315 on material misstatement has become the engine room of a financial-statement audit. Identifying and assessing the risks of material misstatement is essential. This GAAPinar takes you through all 108 pages and six new and important appendices. There is much to understand — new requirements, key concepts, implementation, application to smaller audits, documentation, client engagement, and consequential amendments to other auditing standards.

With so much to cover, we have dedicated four sessions in this GAAPinar series to explain what your audit team needs to do. You will understand that implementing ASA 315 requires more than just completing an audit program.

This session sets the scene and addresses:

  • Why has ASA 315 been revised?
  • What’s new and what’s not
  • AUASB’s bulletin ASA 315: Scalability Considerations for Audits of Less Complex Entities
  • How ASA 315 and confirming amendments to other standards affects audits
  • The risk-assessment process
  • Understanding inherent risk factors (Appendix 2), and
  • Documentation.
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This session is presented by:

Colin Parker

Principal | GAAP Consulting | Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board.

He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.