Course description
International Standards on Auditing 315 (Revised) - Identifying and Assessing the Risk of Material Misstatement - Workshop (Virtual Classroom)
This online course is being delivered live in a single 4 hour session which runs from 13:00 – 17:00 London (UK).
The IAASB published the revised risk identification and response auditing standard, ISA315(R): Identifying and Assessing the Risk of Material Misstatement in December 2019. The standard is applicable for audits of periods beginning on or after 15 December 2021.
The revision to this standard is a result of numerous quality-related findings and correlating observations in the profession of the need for more robust revisions to the standards relating to quality, professional scepticism and consistency in application. Both the standard and the related application material, and conforming amendments to related standards, have been made to enhance the user’s understanding of “what” needs to be done – moving from principles to more direct guidance and clarification.
As with other recent and current revision projects, this standard has also been revised to incorporate scalability and modernization of systems and technology.
This short course is designed to provide the auditor with an in-depth understanding of the requirements of the new standard and examples of practical application. A proper understanding of these principles will enable audit planning to bring improved quality to audit responses to risk, as well as audit efficiencies in directing audit resources to responding to risk and not to areas which do not need as much auditor time and attention.
Upcoming start dates
Suitability - Who should attend?
This training course is especially suitable for:
- Public practitioners who audit, or play a substantial role in auditing, public company financial statements
- Audit supervisors and managers at public audit practices
Outcome / Qualification etc.
At the end of this course participants will:
- Explain the changes from the extant ISA315
- Describe the new concepts introduced in ISA315(R)
- Discuss the risk assessment process in ISA315(R)
- Identify the risk response process link between ISA315(R) and ISA330
- Apply the requirements of the stand-back clause
- Illustrate the practical value in quality and efficiencies of the new standard
CPE credits are available for all courses.
Training Course Content
This course is designed to cover the following key topics:
- The changes from extant ISA315 to ISA315(R)
- ISA315(R): New terms and concepts introduced
- Risk assessment process
- Obtaining an understanding of the entity and its environment: a practical application
- Risk identification and response
- Stand-back provision
- The documentation of risk assessment and professional judgement
- Audit efficiencies and the impact of ISA315(R) on resource allocation
Why choose IASeminars
We've been training for 20 years.
50% of our business comes from returning clients.
We offer instructor-led training in international locations, over Zoom or in house.
Expenses
The cost of this training course is £395.
In-House Training
In addition to the scheduled dates and locations, IASeminars can also run this course as in-house training, to meet the specific requirements of your team. Contact them here to request a customised training solution for your team.