Preparing for ISA 315 (Revised 2019) Many auditors assume that ISA 315 (Revised 2019) is, in most instances, the same as the existing standard, which is not the case. This new standard, which comes into effect for audits of financial statements for periods beginning on or after 15 December 2021, not only expands on concepts in the existing standards, but also introduces new concepts in the risk assessment process. New concepts, such as ‘relevant assertions’ and ‘significant classes of transactions, account balances or disclosures’, explain the way auditors should consider and respond to the risk of material misstatement. It is critical [...]