Proposed International Standards on Auditing
ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment and ISA 610 (Revised), Using the Work of Internal Auditors

This exposure draft (ED) seeks views from practitioners and other stakeholders in relation to proposed International Standard on Auditing (ISA) 610 (Revised), Using the Work of Internal Auditors. The revisions to the standard aim to enhance the external auditors' performance by providing a stronger framework for evaluating and using the work and assistance of an entity's internal auditors. As a result of the revision of ISA 610, changes are also being proposed to ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment. In addition to setting out the main proposals of the IAASB, the explanatory memorandum contained in the ED pilots an approach for analyzing the benefits and impacts of the IAASB's proposals. The approach provides a structured and transparent means for communicating the effects of proposals to stakeholders. Comments on the impact analysis tool are welcome.

Submitted Comment Letters

1. Private (Norway)
August 11, 2010

2. Rajnish Ramchurun (Mauritius)
August 12, 2010

3. Philip C. Levi (Canada)
September 28, 2010

4. Dr. Joseph S. Maresca CPA, CISA (United States)
October 12, 2010

5. Chris Barnard (Germany)
October 14, 2010

6. Provincial Auditor Saskatchewan (Canada)
October 21, 2010

7. ICAEW (United Kingdom)
October 29, 2010

8. New Zealand Institute of Chartered Accountants (New Zealand)
October 31, 2010

9. U.S. Government Accountability Office (United States)
November 1, 2010

10. Audit Standards Committee of the American Accounting Association (United States)
November 2, 2010

11. South African Institute of Chartered Accountants (South Africa)
November 4, 2010

12. Committee of European Banking Supervisors (CEBS) (United Kingdom)
November 8, 2010

13. Wales Audit Office (United Kingdom)
November 10, 2010

14. 14 independent European audit regulators and/or oversight bodies (Netherlands)
November 12, 2010

15. ACCA (United Kingdom)
November 12, 2010

16. AICPA (United States)
November 12, 2010

17. Canadian Public Accountability Board (Canada)
November 12, 2010

18. Swedish National Audit Office (Sweden)
November 12, 2010

19. Federal Audit Oversight Authority FAOA (Switzerland)
November 14, 2010

20. Institute of Certified Public Accountants of Kenya (Kenya)
November 14, 2010

21. Auditing Practices Board UK / Audit Inspection Unit UK (United Kingdom)
November 15, 2010

22. Australian Government, Auditing and Assurance Standards Board (Australia)
November 15, 2010

23. BDO International Limited (Belgium)
November 15, 2010

24. Chartered Accountants Ireland (Ireland)
November 15, 2010

25. Ernst & Young (United Kingdom)
November 15, 2010

26. FSR (Denmark)
November 15, 2010

27. Far - the Institute for the Accountancy Profession in Sweden (Sweden)
November 15, 2010

28. Hunter College - advanced auditing class (United States)
November 15, 2010

29. INDIVIDUAL (India)
November 15, 2010

30. ISACA (United States)
November 15, 2010

31. Institute of Certified Public Accountants of Singapore (Singapore)
November 15, 2010

32. New York State Society of Certified Public Accountants (United States)
November 15, 2010

33. PUJ (Colombia)
November 15, 2010

34. Prefeitura da Cidade do Rio de Janeiro - Controladoria Geral do MunicÃ?��Ã?�Ã?­pio (Brazil)
November 15, 2010

35. RSM International (United Kingdom)
November 15, 2010

36. Chartered Institute of Public Finance and Accountancy (United Kingdom)
November 16, 2010

37. Den Norske Revisorforening (Norway)
November 16, 2010

38. Federation des Experts Comptables Europeens (Belgium)
November 16, 2010

39. Hong Kong Institute of Certified Public Accountants (Hong Kong (Special Administrative Region of China))
November 16, 2010

40. The Japanese Institute of Certified Public Accountants (Japan)
November 16, 2010

41. Koninklijk Nederlands Instituut van Registeraccountants (Royal NIVRA) (Netherlands)
November 17, 2010

42. PricewaterhouseCoopers (United Kingdom)
November 17, 2010

43. Basel Committee on Banking Supervision (Switzerland)
November 18, 2010

44. Grant Thornton International (England)
November 18, 2010

45. Independent Regulatory Board for Auditors (South Africa)
November 18, 2010

46. Ministry Of Finance, Province of British Columbia (Canada)
November 29, 2010

47. The Canadian Institute of Chartered Accountants (Canada)
November 30, 2010

48. Deutscher Genossenschafts- und Raiffeisenverband e. V. (Germany)
December 1, 2010

49. KPMG (United Kingdom)
December 1, 2010

50. Malaysian Institute of Accountants & The Malaysian Institute of Certified Public Accountants (Malaysia)
December 1, 2010

51. 14 independent European audit regulators and/or oversight bodies (Netherlands)
December 7, 2010

52. Institute of Certified Public Accountants of Kenya (Kenya)
December 7, 2010

53. The Institute of Internal Auditors (United States)
December 7, 2010

54. International Organization of Securities Commissions (Spain)
December 9, 2010

55. Deloitte Touche Tohmatsu (United States)
December 15, 2010

56. Institut der Wirtschaftspruefer in Deutschland e.V. - IDW (Germany)
December 16, 2010

57. Committee of European Securities Regulators (France)
January 7, 2011

58. Australasian Council of Auditors- General (Australia)
January 11, 2011

59. All Responses 2 of 4
January 12, 2011

60. All Responses 1 of 4
January 13, 2011

61. All Responses 3 of 4
January 13, 2011

62. All Responses 4 of 4
January 13, 2011

63. CNCC-CSOEC Compagnie Nationale des Commissaires aux Comptes + Conseil Superieur de lÃ?�Ã?¢Ã?¯Ã?¿Ã?½Ã?¯Ã?¿Ã?½Ordre des Experts-Comptables (France)
January 19, 2011

Related Resources

• A Framework for Audit Quality
• Enhancing the Value of Auditor Reporting: Exploring Options for Change
• ISAE 3000 (Revised), Assurance Engagements Other Than Audits or Reviews of Historical Financial Information
• Improving the Auditor’s Report
• International Standard on Auditing (ISA) 720 (Revised), The Auditor’s Responsibilities Relating to Other Information in Documents Containing or Accompanying Audited Financial Statements and the Auditor’s Report Thereon