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Revised ISA 315 Key steps for implementing the new requirements

The auditor’s risk identification and assessment process is changing. Alex Russell outlines how to put the enhancements in the revised ISA 315 into practice.

The revised International Standard on Auditing (ISA) 315 introduces major changes in the approach to risk identification and assessment. The enhancements will affect all audits, and audit firms of all sizes will need to revise their approach to risk assessment. The faculty is working to support auditors with this transition by providing resources, including articles and webinars.

This article shares some key messages and tips for auditors in the process of implementing the new standard, based on the March 2021 webinar by Jo Burns of RSM and Edward Rands of ECR Professional, which built on a September 2020 webinar introducing the key changes and practical implementation challenges.