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315 Redrafted PSA 315 Redrafted

315 Redrafted PSA 315 Redrafted

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Published by: Ronna on Aug 21, 2012
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12/15/2013

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Philippine Standard on Auditing 315 (Redrafted)
IDENTIFYING AND ASSESSING THE RISKS OFMATERIAL MISSTATEMENT THROUGHUNDERSTANDING THE ENTITY AND ITSENVIRONMENT
Auditing and Assurance Standards Council
 
 
PSA 315 (Redrafted)
2
PHILIPPINE STANDARD ON AUDITING 315 (REDRAFTED)IDENTIFYING AND ASSESSING THE RISKS OFMATERIAL MISSTATEMENT THROUGH UNDERSTANDINGTHE ENTITY AND ITS ENVIRONMENT
(Effective for audits of financial statements for periods beginning on or after December 15, 2009)
CONTENTS
Paragraph
Introduction
Scope of this PSA………………………………………………………………. 1Effective Date…………………………………………………………………... 2
Objective
………………………………………………………………………. 3
Definitions
........................................................................................................... 4
Requirements
Risk Assessment Procedures and Related Activities………………………….. 5-10The Required Understanding of the Entity and Its Environment,Including the Entity’s Internal Control………………………………………... 11-23Identifying and Assessing the Risks of Material Misstatement………………. 24-30Material Weakness in Internal Control……………………………………….. 31-32Documentation………………………………………………………………... 33
Application and Other Explanatory Material
Risk Assessment Procedures and Related Activities………………………A1-A14The Required Understanding of the Entity and Its Environment,Including the Entity’s Internal Control……………………………………… A15-A97Identifying and Assessing the Risks of Material Misstatement…………….. A98-A123Material Weakness in Internal Control…………………………………..… A124-A126Documentation…………………………………………………………….. A127-A130
 
PSA 315 (Redrafted)
3
Acknowledgment
Appendix 1: Internal Control ComponentsAppendix 2: Conditions and Events That May Indicate Risks of Material MisstatementPhilippine Standard on Auditing (PSA) 315 (Redrafted), “Identifying and Assessing theRisks of Material Misstatement Through Understanding the Entity and Its Environment”should be read in the context of the “Preface to the Philippine Standards on QualityControl, Auditing, Review, Other Assurance and Related Services,” which sets out theauthority of PSAs.

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