ISA 315 (Revised 2019) — Identifying and Assessing the Risks of Material Misstatement

ISA 315 (Revised 2019) is an international pronouncement addressing risk assessment through understanding the entity, its environment and its system of internal control. It requires identification and assessment of risks of material misstatement through understanding the entity, its environment, applicable framework and system of internal control. Assessed risks inform the further audit procedures designed under ISA 330.