Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISA (UK and Ireland) 315 Identifying and assessing the risk of material misstatement through understanding the entity and its environment

ISA (UK and Ireland) 315 applicable for periods ending on or after 15 December 2010

Application and Other Explanatory Material

Risk Assessment Procedures and Related Activities (Ref: Para. 5 )

Information Obtained in Prior Periods (Ref: Para. 9 )

A12.	The auditor's previous experience with the entity and audit procedures performed in previous audits may provide the auditor with information about such matters as:

Past misstatements and whether they were corrected on a timely basis.

The nature of the entity and its environment, and the entity's internal control (including deficiencies in internal control).

Significant changes that the entity or its operations may have undergone since the prior financial period, which may assist the auditor in gaining a sufficient understanding of the entity to identify and assess risks of material misstatement.

A13.

The auditor is required to determine whether information obtained in prior periods remains relevant, if the auditor intends to use that information for the purposes of the current audit. This is because changes in the control environment, for example, may affect the relevance of information obtained in the prior year. To determine whether changes have occurred that may affect the relevance of such information, the auditor may make inquiries and perform other appropriate audit procedures, such as walk-throughs of relevant systems.