Auditing Standard ASA 315 Identifying and Assessing the Risks of Material Misstatement
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- The auditor shall include in the audit documentation:[13] (Ref: Para. A237–A241)
(a) The discussion among the engagement team and the significant decisions reached;
(b) Key elements of the auditor’s understanding in accordance with paragraphs 19, 21, 22, 24 and 25; the sources of information from which the auditor’s understanding was obtained; and the risk assessment procedures performed;
(c) The evaluation of the design of identified controls, and determination whether such controls have been implemented, in accordance with the requirements in paragraph 26; and
(d) The identified and assessed risks of material misstatement at the financial report level and at the assertion level, including significant risks and risks for which substantive procedures alone cannot provide sufficient appropriate audit evidence, and the rationale for the significant judgements made.
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