Audit Risk Assessments & ISA 315 - Under the Spotlight

Introduction

ISA (UK) 315 (Revised) - Identifying and Assessing the Risks of Material Misstatement became effective for audits of periods commencing on or after 15 December 2021.

Its requirements are fundamental to the planning of an audit and set out a more granular approach to identifying and assessing risks of material misstatement. The revisions also update the understanding required of an entity for developments in technology in both client entities and auditing techniques.

For most clients, the upcoming audit will be the second under the revised requirements and an opportunity to refine the approach, with the benefit of a deeper understanding of the changes.

This session is aimed at RIs, managers and other members of the audit team involved in the planning.

What You Will Learn

This live and interactive course will cover the following:

• Brief summary of ISA (UK) 315 (Revised) and the reasons for the changes
• Key elements of the risk assessment process
• Understanding the client’s use of IT to identify and assess risk of material misstatement
• Responding to IT risks
• What does good documentation in this area look like?

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.