Document ID: chunk:federal_register_of_legislation:F2023C01130:body:0:p2
Version: federal_register_of_legislation:F2023C01130
Segment Type: other
Provision Reference: 
Character Range: 3067–7174

0.2

Operative Date............................................................Aus 0.3

Introduction

Scope of this Auditing Standard..................................................1

Key Concepts in this ASA.....................................................2-8

Scalability..................................................................9

Effective Date..............................................................10

Objective.................................................................11

Definitions................................................................12

Requirements

Risk Assessment Procedures and Related Activities.................................13-18

Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity's System of Internal Control              19-27

Identifying and Assessing the Risks of Material Misstatement.........................28-37

Documentation..............................................................38

Application and Other Explanatory Material

Definitions.............................................................A1-A10

Risk Assessment Procedures and Related Activities..............................A11-A47

Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity's System of Internal Control              A48-A183

Identifying and Assessing the Risks of Material Misstatement.....................A184-A236

Documentation.......................................................A237-A241

Appendix 1: Considerations for Understanding the Entity and its Business Model

       Appendix 2: Understanding Inherent Risk Factors

Appendix 3: Understanding the Entity's System of Internal Control

Appendix 4: Considerations for Understanding an Entity's Internal Audit Function

Appendix 5: Considerations for Understanding Information Technology (IT)

Appendix 6: Considerations for Understanding General IT Controls

COMPILATION DETAILS

Auditing Standard ASA 315 Identifying and Assessing the Risks of Material Misstatement (as Amended)

This compilation takes into account amendments made up to and including 27 April 2022 and was prepared on 1 March 2023 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 (February 2020) as amended by other Auditing Standards which are listed in the Table below.

Table of Standards
Standard            Date made       Operative Date
ASA 315 [A]         February 2020   Financial reporting periods commencing on or after 15 December 2021
ASA 2021-1 [B]      10 March 2021   Financial reporting periods commencing on or after 15 December 2022
ASA 2022-1     [C]  27 April 2022   Financial reporting periods commencing on or after 15 December 2023

Legislation History

Standard    Registration Number  Registration Date  Commencement Date

ASA 315     F2020L00234          6 March 2020       7 March 2020

ASA 2021‑1  F2021L00403          1 April 2021       14 December 2022

ASA 2022-1  F2022L00712          19 May 2022        14 December 2023

Table of Amendments
Paragraph affected  How affected  By … [paragraph]
A38                 Amended       ASA 2021-1 [83]

Footnote 25
A69                 Amended       ASA 2021-1 [84]
A69                 Amended       ASA 2021-1 [85]

Footnote 33
A218                Amended       ASA 2021-1 [86]

Footnote 56
A45                 Amended       ASA 2022-1 [28]
A218                Amended       ASA 2022-1 [29]

Footnote 57

AUTHORITY STATEMENT

 Auditing Standard ASA 315 Identifying and Assessing the Risks of Material Misstatement (as amended to 27 April 2022) is set out in paragraphs Aus 0.1 to A241 and Appendices 1 to 6.

 This Auditing Standard is to be read in conjunction with ASA 101 Preamble to AUASB Standards, which sets out how AUASB Standards are to be understood, interpreted and applied.  This Auditing Standard is to be read also in conjunction with ASA 200 Overall Objectives