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Executive Summary:

ISSAI 1315 – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

Purpose:

This Practice Note provides supplementary guidance on ISA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

ISA 315 deals with the auditor's responsibility to identify and assess the risks of material misstatement in the financial statements through understanding the entity and its environment including the entity's internal control

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Risk assessment procedures and related activities
  • The required understanding of the entity and its environment including the entity's internal control
  • Identifying and assessing the risks of material misstatement

The Appendix of the Standard provides examples of conditions and events that may indicate risks of material misstatement in the public sector.

Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee

Status:

Approved at XIXth Congress of INTOSAI, Mexico 2007

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 315 is applicable to auditors of public sector entities in their role as auditors of financial statements


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