The Auditing and Assurance Standards Council (AASC) has approved on March 2, 2020 the adoption of International Standard on Auditing (ISA) 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, and Conforming and Consequential Amendments to Other International Standards Arising from ISA 315 (Revised 2019) issued by the International Auditing and Assurance Standards Board (IAASB) in December 2019, as Philippine Standard on Auditing (PSA) 315 (Revised 2019), Identifying and Assessing the Risks of Material Misstatement, and Conforming and Consequential Amendments to Other Philippine Standards Arising from PSA 315 (Revised 2019).
