ISA 315 (Revised) Identifying and assessing risk is effective for audits of financial statements for periods beginning on or after 15 December 2021.
The revised standard introduces major changes in approach to risk identification and assessment. The enhancements will affect all audits and audit firms of all sizes will need to revise their approach to risk assessment. Following our webinar of September 2020 which introduced the main changes in the revised standard, we build on this to explore how you might approach implementation.
Join Jo Burns and Ed Rands to find out more about the implementation steps to consider, including:
Jo Burns: RSM
Edward Rands: ECR Professional Limited
Edward qualified as a chartered accountant with the Institute of Chartered Accountants in England and Wales (ICAEW) in 1992 and spent twenty years handling technical, regulatory and risk management matters at a large independent firm of chartered accountants, eleven of those years as the Risk and Professional Standards Partner. He has held the positions of Money Laundering Reporting Officer, Audit Compliance Principal, Designated Professional Body Contact Principal and Qualified Person Responsible for Training, and acted as the firm’s lead on all ethical matters. Alongside these roles, Edward led the firm’s technical team, which was responsible for maintaining and updating accounting, auditing and company legal knowledge within the firm, and for dealing with complex issues and queries as they arose. He also took charge of the firm’s professional indemnity insurance arrangements, liaising with brokers and underwriters to ensure that appropriate cover was in place and that complaints, claims and circumstances were handled effectively. Edward founded the UK and Ireland Technical Committee of the firm’s international network and chaired the Committee for five years. He has also been a contributing author of the network’s commercially-published International Financial Reporting Standards manual.
Edward is a member of the ICAEW Audit and Assurance Faculty’s ISA Panel, which contributes to the development of International Standards on Auditing and associated requirements. Until December 2020, he also spent nine years as a member of the ICAEW’s Audit Registration Committee (six of those years as Vice-Chairman), and six years as a member of the ICAEW’s Professional Indemnity Insurance Committee.
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