Reminder: Effective date of ISA 315 (Revised): Identifying and assessing the risks of material misstatement

11 November 2021
Auditing and Assurance
South African Accounting Academy

The International Auditing and Assurance Standards Board (IAASB) issued the International Standard on Auditing (ISA) 315 (Revised), Identifying and Assessing the Risks of Material Misstatement (ISA 315 (Revised 2019)), on 19 December 2019.

The related Conforming and Consequential Amendments to Other International Standards also become effective for audits of financial statements for periods beginning on or after 15 December 2021.

Click here to download the IRBA reminder:

https://www.irba.co.za/upload/69_%20Effective%20date%20reminder%20ISA-315_Revised%20(2019).pdf

How does this affect you and your clients?

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor, you must comply with the International Standards of Auditing.
If you do not, you could be found negligent, and therefor liable for damages suffered by the client or other stakeholders.
As the Regulator, IRBA may also institute disciplinary procedures against you for not adhering to ISAs.

Relevance to Your clients:

Your clients also need to assess their risks of material misstatement, and they need to understand what your obligations are with regards to assessing their assessment in this regard.

Get all your CPD online. SA Accounting Academy (SAAA) offers Subscription Plans, Live Webinars, Webinars On-Demand, Access to Experts, Courses, Articles and more: https://cpd.accountingacademy.co.za.