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Comment Letter

IAASB: Exposure Draft, Proposed International Standard on Auditing 315 (Revised)

Friday, November 2, 2018

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In this letter, the CAQ provides input on the International Auditing and Assurance Standards Board (IAASB) Proposed International Standard on Auditing (ISA) 315 (Revised), Identifying and Assessing the Risks of Material Misstatement and Proposed Consequential and Conforming Amendments to Other ISAs. The CAQ expresses support for the IAASB’s efforts to consider ways to strengthen auditing practices to continuously improve audit quality. The letter notes the importance of risk assessment to audit quality and the CAQ’s belief that the ISAs should be clear as to what is expected of auditors to perform a robust risk assessment, taking into account the nature and size of the entity.