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's Internal Control (Ref: Para. 12 )
A42.An understanding of internal control assists the auditor in identifying types of potential misstatements and factors that affect the risks of material misstatement, and in designing the nature, timing, and extent of further audit procedures.
A43.The following application material on internal control is presented in four sections, as follows:
 dotbulletGeneral Nature and Characteristics of Internal Control.
 dotbulletControls Relevant to the Audit.
 dotbulletNature and Extent of the Understanding of Relevant Controls.
 dotbulletComponents of Internal Control.
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