In August 2020, IAASA published its consultation on the proposal to revise ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement, in line with the revisions made by the Financial Reporting Council (FRC) and the International Auditing and Assurance Standards Board (IAASB).
IAASA notes that respondents were in agreement with the proposal to issue the revised standard and has published a Feedback Paper (available here).
ISA (Ireland) 315 (Revised October 2020), Identifying and Assessing the Risks of Material Misstatement is available here. The effective date of the revised standard is effective for audits of financial statements for periods beginning on or after 15 December 2021; early adoption is permitted.