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

Technical Resource

This webpage contains pronouncements, guides and articles that are relevant to HKSA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement.

Effective Date

The standard is effective for audits of financial statements for periods beginning on or after 15 December 2021. It places the extant HKSA 315 (Revised).

Affected standards

HKSA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement

Why change

HKSA 315 (Revised 2019) has been revised to include a more robust and consistent risk identification and assessment. The revised standard sets out clarified and enhanced requirements, and enhanced application material, to support the auditor’s risk assessment process, intended to support more focused responses to the auditor’s risk assessment in accordance with HKSA 330, The Auditor’s Responses to Assessed Risks.

Click below for more information:

The Institute

• HKSA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement
• E-learning: HKSA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement – Key Requirements and Implications on Auditing
• HKICPA Audit Practice Manual (2022 edition) 

IAASB

• Implementation Guide for ISA 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement
• IAASB Final Pronouncement and Basis for Conclusions
• IAASB Non-Authoritative Support Material: Using Automated Tools and Techniques When Identifying Risks of Material Misstatement in Accordance with ISA 315 (Revised 2019) (November 2020)
• IAASB Fact Sheet: Introduction to ISA 315 (Revised 2019) (December 2019)

IFAC

• The Risk Identification and Assessment Process: Tips on Implementing ISA 315 (Revised 2019) (December 2022)

CPA Canada

• Revised ISA 315 resources

ICAEW

• Revised ISA 315 resources and webinars to assist auditors to prepare for implementation 

Frequently used resources