ISA 315 - Identifying And Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment

The objective of ISA 315 is to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity’s internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement.