[ISA (UK) 315 (Revised July 2020) Identifying and Assessing the Risks of Material Misstatement](h...

1. [Application and Other Explanatory Material](https://library.croneri.co.uk/cch_uk/ausisa/isauk315r3#toc-6)

1.1. [Risk Assessment Procedures and Related Activities (Ref: Para. 13–18)](https://library.croneri.co.uk/cch_uk/ausisa/isauk315r3#toc-6-2)

1.1.1. Why Obtaining Audit Evidence in an Unbiased Manner Is Important (Ref: Para. 13)

1.1.2. Sources of Audit Evidence (Ref: Para. 13)

1.1.3. Scalability (Ref: Para. 13)

1.1.4. Types of Risk Assessment Procedures (Ref: Para. 14)

1.1.5. Inquiries of Management and Others within the Entity (Ref: Para. 14(a))

1.1.6. Analytical Procedures (Ref: Para. 14(b))

1.1.7. Observation and Inspection (Ref: Para. 14(c))

1.1.8. Information from Other Sources (Ref: Para. 15)

1.1.9. Engagement Team Discussion (Ref: Para. 17–18)

1.2. [Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity’s System of Internal Control (Ref: Para. 19–27)](https://library.croneri.co.uk/cch_uk/ausisa/isauk315r3#toc-6-3)

1.2.1. Obtaining the Required Understanding (Ref: Para. 19–27)

1.2.2. Why an Understanding of the Entity and Its Environment, and the Applicable Financial Reporting Framework Is Required (Ref: Para. 19–20)

1.2.3. The Entity and Its Environment (Ref: Para. 19(a))

1.2.4. The Applicable Financial Reporting Framework (Ref: Para. 19(b))

1.2.5. How Inherent Risk Factors Affect Susceptibility of Assertions to Misstatements (Ref: Para. 19(c))

1.2.6. Obtaining an Understanding of the Entity’s System of Internal Control (Ref: Para. 21–27)

1.2.7. Control Deficiencies Within the Entity’s System of Internal Control (Ref: Para. 27)

1.3. [Identifying and Assessing the Risks of Material Misstatement (Ref: Para. 28–37)](https://library.croneri.co.uk/cch_uk/ausisa/isauk315r3#toc-6-4)

1.3.1. Why the Auditor Identifies and Assesses the Risks of Material Misstatement

1.3.2. Identifying Risks of Material Misstatement (Ref: Para. 28)

1.3.3. Assertions

1.3.4. Risks of Material Misstatement at the Financial Statement Level (Ref: Para. 28(a) and 30)

1.3.5. Risks of Material Misstatement at the Assertion Level (Ref: Para. 28(b))

1.3.6. Relevant Assertions and Significant Classes of Transactions, Account Balances and Disclosures (Ref: Para. 29)

1.3.7. Assessing Risks of Material Misstatement at the Assertion Level

1.3.8. Assessing Control Risk (Ref: Para. 34)

1.3.9. Evaluating the Audit Evidence Obtained from the Risk Assessment Procedures (Ref: Para. 35)

1.3.10. Classes of Transactions, Account Balances and Disclosures that Are Not Significant, but Which Are Material (Ref: Para. 36)

1.3.11. Revision of Risk Assessment (Ref: Para. 37)

1.4. [Documentation (Ref: Para. 38)](https://library.croneri.co.uk/cch_uk/ausisa/isauk315r3#toc-5-4)

2. [Conforming and consequential amendments to other ISAs (UK)](https://library.croneri.co.uk/cch_uk/ausisa/isauk315r3#toc-13)