IT-Audit according to ISA [DE] 315 (Revised 2019) – Backbone of the Risk-Oriented Audit Approach

The field of auditing has been undergoing a digital transformation for many years—adapting audit strategies for financial statement audits and utilizing tools to enhance audit security and efficiency are among the results. In December 2022, the Institute of Public Auditors in Germany e.V. (IDW) introduced ISA [DE] 315 (Revised 2019), a fundamentally revised auditing standard from the IAASB (International Auditing and Assurance Standards Board) for identifying and assessing the risks of material misstatements.
 
The new ISA [DE] 315 (Revised 2019) replaces IDW PS 261 n.F. and IDW PS 330 for financial statement audits involving IT. Additionally, IT auditing is no longer addressed in a separate auditing standard; it has now become the backbone of the risk-based audit approach.
 
Our colleagues Frank Reutter and Timo Gaab have provided an engaging overview of what ISA [DE] 315 (Revised 2019) means for audit strategy, the resulting requirements and opportunities, and the added value the new standard brings to financial statement audits in the latest issue of WPg.​