IDENTIFICATION AND ASSESSMENT OF THE RISKS OF MATERIAL MISSTATEMENT, TAKING INTO ACCOUNT THE REVISED INTERNATIONAL STANDARD ON AUDITING 315
The updated International Standard on Auditing ISA 315 (revised) has made certain changes to the procedure for identifying and assessing risks, documenting them, which ensures high quality of audit services. An important aspect of changing the standard is related to the digital transformation of society and the use of information technologies in accounting and control systems of economic entities. The importance of timely identification and response to the risks of material misstatement is at the heart of the updated document. Considering in detail a number of key changes aimed at eliminating emerging disagreements in the process of identifying and assessing the risks of material misstatement, the ISA 315 (revised) standard strengthens the documentation requirements regarding the application of professional skepticism in the risk assessment process. An unbiased attitude of the auditor in the process of collecting evidence allows you to expand the scope of their receipt, both from external and internal sources.