IAASB proposes audit risk assessment standards revision

The International Auditing and Assurance Standards Board (IAASB) has moved to update its standard on audit risk assessments, to take into account developments arising from IT.

In an exposure draft for the proposed International Standard of Auditing 315 (revised) (ISA-315), the IAASB said that as IT has become the medium through which a significant amount of audit evidence is obtained, it has become increasingly important for auditors to understand an entity’s IT system, including how the integrity of the information is maintained.

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