ASA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment - October 2009
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Part COMPILATION DETAILS - ASA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment - October 2009 - COMPILATION DETAILS | Zoe
ISSN 1833‑4393
CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Appendix 2: Conditions and Events That May Indicate Risks of Material Misstatement
COMPILATION DETAILS
Auditing Standard ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as Amended)
This compilation takes into account amendments made up to and including 1 December 2015 and was prepared on 1 December 2015 by the Auditing and Assurance Standards Board (AUASB).
This compilation is not a separate Auditing Standard made by the AUASB. Instead, it is a representation of ASA 315 (October 2009) as amended by other Auditing Standards which are listed in the Table below.
Table of Standards
Standard
Date made
Operative Date
ASA 315 [A]
27 October 2009
Financial reporting periods commencing on or after 1 January 2010
ASA 2011‑1 [B]
27 June 2011
Financial reporting periods commencing on or after 1 July 2011
ASA 2013‑2 [C]
11 November 2013
Financial reporting periods commencing on or after 1 January 2014
ASA 2015‑1 [D]
1 December 2015
Financial reporting periods ending on or after 15 December 2016
[A] Federal Register of Legislative Instruments – registration number F2009L04079, 12 November 2009
[B] Federal Register of Legislative Instruments – registration number F2011L01379, 30 June 2011
[C] Federal Register of Legislative Instruments – registration number F2013L01939, 14 November 2013
[D] Federal Register of Legislative Instruments – registration number F2015L02032, 16 December 2015
Table of Amendments
Paragraph affected
How affected
By … [paragraph]
A26
Amended
ASA 2011-1 [28]
Appendix 1Para. 3
Amended
ASA 2011-1 [29]
Appendix 1Sub-heading above Para. 5
Amended
ASA 2011-1 [30]
6(a)
Amended
ASA 2013-2 [58]
22
Amended
ASA 2013-2 [59]
23
Amended
ASA 2013-2 [60]
23 and Footnote 1
Amended
ASA 2013-2 [61]
Heading above paragraph A6
Amended
ASA 2013-2 [62]
A6-A7
Amended
ASA 2013-2 [63]
A7 and Footnote 5
Addition
ASA 2013-2 [64]
A8-A13
Additions
ASA 2013-2 [65]
A9 and Footnote 6
Addition
ASA 2013-2 [66]
A11 and Footnote 7
Addition
ASA 2013-2 [67]
Paragraph numbers
Re-numbered
ASA 2013-2 [68] [70] [76]
Footnote references
Re-numbered
ASA 2013-2 [68]
A79
Addition
ASA 2013-2 [69]
Heading above paragraph A109
Amended
ASA 2013-2 [71]
A109
Amended
ASA 2013-2 [72]
A110-A111
Amended
ASA 2013-2 [73]
A112
Amended
ASA 2013-2 [74]
A113-A116
Additions
ASA 2013-2 [75]
18
Amended
ASA 2015-1 [58]
26
Amended
ASA 2015-1 [59]
A1
Amended
ASA 2015-1 [60]
A19
Amended
ASA 2015-1 [61]
A22
Addition
ASA 2015-1 [62-63]
A27
Amended
ASA 2015-1 [65]
A31
Amended
ASA 2015-1 [66]
Aus A31.1
Deleted
ASA 2015-1 [64]
A32
Amended
ASA 2015-1 [67]
A81
Amended
ASA 2015-1 [68]
A91
Addition
ASA 2015-1 [69 and 71]
Footnote 15
Addition
ASA 2015-1 [70]
A92
Addition
ASA 2015-1 [72-73]
A96
Amended
ASA 2015-1 [74]
A103
Addition
ASA 2015-1 [75-76]
A123
Amended
ASA 2015-1 [77]
A125 (pre-existing paragraph)
Deleted
ASA 2015-1 [85]
A127
Amended
ASA 2015-1 [78]
Heading above paragraph A128
Addition
ASA 2015-1 [80]
A128
Amended
ASA 2015-1 [81]
Heading above paragraph A129
Addition
ASA 2015-1 [82]
A129
Addition
ASA 2015-1 [83-84]
A131
Amended
ASA 2015-1 [86]
Footnote 17
Addition
ASA 2015-1 [87]
A132
Amended
ASA 2015-1 [88]
A133
Addition
ASA 2015-1 [89 and 91]
Footnote 18
Addition
ASA 2015-1 [90]
Footnote 19
Addition
ASA 2015-1 [90]
A134
Addition
ASA 2015-1 [92-93]
Heading above paragraph A135
Addition
ASA 2015-1 [94]
A135
Addition
ASA 2015-1 [95-96]
Heading above paragraph A136
Addition
ASA 2015-1 [97]
A136
Addition
ASA 2015-1 [98-99]
Appendix 2
Amended
ASA 2015-1 [100]
AUTHORITY STATEMENT
Auditing Standard ASA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (as amended to 1 December 2015) is set out in paragraphs Aus 0.1 to A155 and Appendices 1 and 2.
This Auditing Standard is to be read in conjunction with ASA 101 Preamble to Australian Auditing Standards, which sets out the intentions of the AUASB on how the Australian Auditing Standards, operative for financial reporting periods commencing on or after 1 January 2010, are to be understood, interpreted and applied. This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Australian Auditing Standards.
Dated: 1 December 2015
Conformity with International Standards on Auditing
This Auditing Standard conforms with International Standard on Auditing ISA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment issued by the International Auditing and Assurance Standards Board (IAASB), an independent standard‑setting board of the International Federation of Accountants (IFAC).
Paragraphs that have been added to this Auditing Standard (and do not appear in the text of the equivalent ISA) are identified with the prefix “Aus”.
Compliance with this Auditing Standard enables compliance with ISA 315.