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Applying ISA 315 (Revised) to Less Complex Entities

  • Date: Monday, 8th May 2023
  • Time: 09:30 – 10:30 CET
  • Format: free online webinar
  • Speaker: John Debattista, Janis Hyzler

The revision to ISA 315 became effective on 15 December 2021 and brought about a number of key changes to the standard. While the revised standard calls for firms to review their approaches with respect to risk assessment, it also removed considerations as a separate paragraph that were specific to smaller entities, and includes these within the main body of the text and within new included material. Thus, ISA 315 (Revised) is intended for all audits of all entities, regardless of their size or complexity.

This one-hour webinar will outline the risk assessment procedures required by the standard based on the nature and circumstances of the entities being audited. We will run through the specific areas the auditor is required to understand during its risk identification and assessment process, as well as the procedures that need to be carried out based on the size of the entity, particularly with reference to less complex entities.