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.
