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> A checklist comlying with ISA 315
A checklist comlying with ISA 315
Understanding the Entity and Its Environment
Obtain an understanding of the entity’s nature and operations.
Identify the entity’s objectives and strategies.
Assess the entity’s internal and external environment.
Understand the industry and regulatory environment.
Understanding Internal Control
Evaluate the design of the entity’s internal controls.
Assess the implementation of internal controls.
Identify and evaluate relevant controls related to financial reporting.
Consider the entity's risk assessment process.
Risk Assessment Procedures
Identify and assess the risks of material misstatement.
Understand the entity’s risk management processes.
Perform analytical procedures to identify unusual transactions.
Inquire of management and others within the entity regarding risks.
Documenting Understanding
Document the understanding of the entity and its environment.
Maintain records of the assessment of internal control design and implementation.
Document identified risks and the rationale for risk assessments.
Ensure documentation supports the auditor's conclusion and is up to date.
Review and Update
Regularly review the understanding of the entity and its environment.
Update documentation in response to changes in the entity or its environment.
Reassess risks as necessary based on new information.
Communicate any significant changes to the audit team.
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