IFAC Releases New Implementation Tool for Auditors on Identifying and Assessing Risks of Material Misstatement

The International Federation of Accountants (IFAC) has released a new resource, The Risk Identification and Assessment Process: Tips on Implementing ISA 315 (Revised 2019), available by following the link: https://www.ifac.org/knowledge-gateway/supporting-international-standards/publications/risk-identification-and-assessment-process-tips-implementing-isa-315-revised-2019?utm_source=Main+List+New&utm_campaign=cdce03c774-IFAC-alert-315-tool&utm_medium=email&utm_term=0_-cdce03c774-%5BLIST_EMAIL_ID%5D

The tool helps auditors with implementing the International Auditing and Assurance Standards Board’s ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, effective for audits of financial statements for periods beginning on or after 15 December 2021.

The resource is based on Chartered Professional Accountants of Canada’s Implementation Tool for Auditors, available by following the link: https://www.cpacanada.ca/en/business-and-accounting-resources/audit-and-assurance/canadian-auditing-standards-cas/publications/revised-cas-315-implementation-tool-auditors?utm_source=Main+List+New&utm_campaign=cdce03c774-IFAC-alert-315-tool&utm_medium=email&utm_term=0_-cdce03c774-%5BLIST_EMAIL_ID%5D

Additional guidance and resources are available on the dedicated Supporting International Standards section of the IFAC Knowledge Gateway, on the following link: https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/auditing-accounting-estimates?utm_source=Main+List+New&utm_campaign=cdce03c774-IFAC-alert-315-tool&utm_medium=email&utm_term=0_-cdce03c774-%5BLIST_EMAIL_ID%5D