ISA 315 applies to all audit periods commencing on or after 15 December 2021, bringing with it requirements to:
- Use a spectrum of inherent risks of material misstatement
- Separately assess inherent and control risks
- Comply with the wider quality control requirements of ISA 315
Key features
- A new Risks page summarising all Risks added to clients’ audit files
- The ability to add Risks from anywhere in the file
- Display of Risks in relevant workpapers – within the new Risks tab
- Flow of Risks into the Audit Plan
Additional features in Mercia content
- Financial Statement Level table
- Assertion Level table
- Creation of backing workpapers for relevant risks within Assertion Level table