Amendments to ASA 315Amendments to ASA 315

Amendments to ASA 315

1. Existing paragraph A56 is amended to read as follows:

An understanding of the entity’s organisational structure and ownership may enable the auditor to understand such matters as:

 …

 The distinction between the owners, those charged with governance and management.

Example:

In less complex entities, owners of the entity may be involved in managing the entity, therefore there is little or no distinction. In contrast, such as in some listedpublicly traded entities, there may be a clear distinction between management, the owners of the entity, and those charged with governance.32

 …