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This tool focuses on selected new requirements and certain other requirements in CAS 315, and emphasizes the scalability of the standard with a focus on less-complex entities. The changes to CAS 315 are effective for audits of financial statements for periods beginning on or after December 15, 2021.
This tool includes:
- IAASB flowcharts, which provide you with:
- an overview of the flow of the risk identification and assessment process in CAS 315
- a more detailed overview of the requirements related to obtaining an understanding of the entity's system of internal control
- a more detailed overview of the requirements related to obtaining an understanding of the IT environment and the identification of general IT controls
- a brief discussion of selected core concepts underlying the risk identification and assessment process and how you apply it
- explanations of certain new and other requirements, supported by illustrative examples
This tool, originally published in June 2021, has been updated and re-published in February 2023. Updates to the tool include new questions and examples on the topic of journal entry testing. These new questions provide information about what controls over journal entries are within scope of paragraph 26 and which general IT controls (GITCs) are required to be identified in relation to controls over journal entries.