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
Identifying and Assessing the Risks of Material Misstatement
Process of Identifying Risks of Material Misstatement (Ref: Para. 26(a) )
A114.Information gathered by performing risk assessment procedures, including the audit evidence obtained in evaluating the design of controls and determining whether they have been implemented, is used as audit evidence to support the risk assessment. The risk assessment determines the nature, timing, and extent of further audit procedures to be performed.
A115.Appendix 2 provides examples of conditions and events that may indicate the existence of risks of material misstatement.
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