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ISA 315 Overview – Understanding the Business Model
The concept of understanding an entity’s business model, including how it uses Information Technology (IT) is new in ISA 315 (Revised 2019). Understanding the business model sounds like child’s play, but in the context of exploring inherent risks, it presents a powerful tool to understand the entity. Paragraph 19(a)(i) tells us that: The auditor shall perform […]
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