Risk Assessments under ISA 315

Objectives

This session will help attendees with the practical implementation of ISA 315 risk assessment. It will cover audits of all sizes.

Key topics

This session will cover the significant changes, in audit risk assessment, arising from the implementation of ISA (UK) 315 (Revised July 2020) Identifying and Assessing the Risks of Material Misstatement

Revised ISA 315 is effective for periods beginning on or after 15 December 2021. In most cases this means that the changes will apply to December 2022, year ends,

This is a practical course that will look at all aspects of audit risks assessment and its role in driving audit quality and audit efficiency.

This course will cover:

ISA 315 (Revised)

• Overview of the revised ISA
• The more granular risk assessment
• Spectrum of risk
• Identifying significant risks
• Internal controls – general IT controls
• Testing of internal controls
• The impact on sampling
• The stand back
• Addressing the audit documentation challenge
• Other detailed revised requirements

Who should attend

This session is for all senior auditors, including audit seniors, managers and partners.