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
The Required Understanding of the Entity and Its Environment, Including the Entity's Internal Control
The Entity and Its Environment
The Entity's Selection and Application of Accounting Policies (Ref: Para. 11(c) )
A28.An understanding of the entity's selection and application of accounting policies may encompass such matters as:
 dotbulletThe methods the entity uses to account for significant and unusual transactions.
 dotbulletThe effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus.
 dotbulletChanges in the entity's accounting policies.
 dotbulletFinancial reporting standards and laws and regulations that are new to the entity and when and how the entity will adopt such requirements.
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