Connect National Audit has adopted the revised ASA 315. This new standard will take effect on the audit period beginning on or after December 15, 2021, and brings a number of significant changes to the auditing process.
Here are a few key changes you need to know about:
- Significant new material related to IT and the audit of a financial report and has clarified the auditor’s responsibilities related to GITCs
- A separate assessment of inherent risk and control risk is now required. The concept of the spectrum of inherent risk has been introduced to assist with the assessment of inherent risk.
- The revised standard focuses on complexity rather than size. Scalability has been illustrated through the use of contrasting examples throughout the standard.
We embrace these changes and continue to strive for excellence in our audits.
https://auasb.gov.au/implementation-support/asa-315-identifying-and-assessing-the-risks-of-material-misstatement/