ISA (NZ) 315 (Revised)

Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment

This Standard deals with the auditor’s responsibility to identify and assess the risks of material misstatement in the financial statements, through understanding the entity and its environment, including the entity’s internal control.


Effective for audits of financial statements for periods as indicated. Also applies to subsequent annual reporting periods until that standard is superseded by a new/amended/revised standard. 

  • ISA (NZ) 315 (Revised) – Periods beginning on or after
    1 Jul 2014

    Date of issue: Feb 2013

    Date compiled: 31 Dec 2013

  • Amending Standards (from the disclosures project) – Periods ending on or after
    15 Dec 2016

    Date of issue: Oct 2015

  • ISA (NZ) 315 (Revised) – Periods ending on or after
    31 Dec 2014

    Date of issue: Feb 2013

    Date compiled to: 30 Sep 2013

  • ISA (NZ) 315 (Revised) – Periods ending on or after
    15 Dec 2013

    Date of issue: Apr 2013

    Date compiled to: 1 Apr 2013