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Aug 6th, 2022
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How to Revise result in 600

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[Music] uh my name is len len julie im the chair of the isa 600 task force i see people are calling gradually so perhaps ill give another minute or so because people are still dying [Music] [Music] okay one minute is up so well get started or thank you again for darling as i said a minute ago my name is len len joey im the chair of the isis 600 task force welcome to the second webinar in the webinar today were going to address some of the questions we received in in the past a few weeks since the um our first webinar uh but before i do that let me introduce my team of people who will be helping me uh participating in this webinar uh in the true spirit of the group audit we have a group here uh so let me let me start introducing my fellow board member josephine jackson josephine is from the uk financial reporting council so shell be joining me and also uh join me and uh susan uh sorry josephine is jasper vandenhout jasper is the least staff of the iwsb isis 600 group project so s

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ISA 315 (Revised 2019) focuses on obtaining audit evidence as a basis for the identification and assessment of risks of material misstatement.
International Standard on Auditing (ISA) 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, should be read in conjunction with ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in ance with
International Standard on Auditing (ISA) 600, The work of Related Auditors and Other Auditors in the Audit of Group Financial Statements should be read in the context of the Preface to the International Standards on Quality Control, Auditing, Assurance and Related Services, which sets out the application and
One of the key changes is the introduction of a proactive risk-based approach to the audit of groups. This means more focus on identifying and assessing the risks of material misstatement, planning the approach to the audit and performing engagement procedures that respond to the assessed risks.
The following are the main areas of the revisions. The introduction of five new inherent risk factors to aid in risk assessment; subjectivity, complexity, uncertainty, change and susceptibility to misstatement due to management bias or fraud. A new spectrum of risk, at the higher end of which lie docHub risks.
The auditor is required to design and implement appropriate responses to address the assessed risks of material misstatement of the financial statements.
ASA 315 Identifying and Assessing the Risks of Material Misstatement is effective for financial reporting periods commencing on or after 15 December 2021 (i.e., December 2022 year ends).
ISA 315 (Revised 2019) focuses on obtaining audit evidence as a basis for the identification and assessment of risks of material misstatement.

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