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Risk Assessment Working Paper (SA 315 Revised 2020)

Understanding the entity, identifying risks of material misstatement at the financial-statement and assertion level, and linking each to a planned audit response — the SA 315 (Revised) working paper. Pairs with the interactive Audit Risk Scorer calculator for the scoring itself.

Free · CORAA original — SA-aligned
Updated 28 Jul 2026
Standard
SA 315 (Revised 2020)
Five IC components
Control environment, risk assessment, info system, control activities, monitoring
Levels
Financial statement level and assertion level
Companion tool
/university/audit-risk-scorer — interactive scoring calculator
Share this template
Your firm — letterhead
Appears at the top of the document as the audit firm letterhead.
Used as the letterhead block.
Engagement details
The client and period this document is for.
The financial year-end this engagement covers, e.g. 31 March 2026.
What’s inside

An excerpt from the template.

RISK ASSESSMENT — AUDIT WORKING PAPER (SA 315, REVISED 2020)

Entity: ___ · Period ended: ___

A. Understanding the Entity and Its Environment

  • Industry, regulatory and other external factors, including the applicable financial reporting framework.
  • Nature of the entity — operations, ownership and governance structure, investments, financing structure.
  • The entity's selection and application of accounting policies, including reasons for changes.
  • Objectives, strategies and related business risks that could result in a risk of material misstatement.
  • Measurement and review of the entity's financial performance.
↑ Excerpt only — the full template is what you download as Word
About this template

What you’re downloading, and when to use it.

This template follows the format published by the Institute of Chartered Accountants of India (ICAI) in the AASB Audit Working Paper Templates (June 2023), the authoritative reference for Indian statutory-audit documentation. Fill in your firm’s letterhead and the engagement details on the form above, click Download Word file, and you’ll get a fully formatted .docx ready to use.

Everything is generated in your browser and on a stateless API endpoint — no account, nothing stored on our servers. We’ll ask for a work email once before your first download so we can send you the file and the occasional relevant update; after that, downloads on this device are instant. Edit freely in Word, Google Docs or Pages before sending to your client.

Common questions

FAQs.

How is this different from the interactive Audit Risk Scorer calculator?
The calculator (/university/audit-risk-scorer) is a quick interactive scoring tool for inherent/control/detection risk. This working paper is the actual audit-file documentation SA 315 (Revised 2020) requires — the entity understanding, the five internal control components, and the risk-to-assertion-to-response linkage — a fuller record than a single score.
What changed in the 2020 revision of SA 315?
The revised standard significantly expanded the requirements around understanding the entity's system of internal control (now explicitly five components, aligned with the COSO framework) and introduced a more structured "spectrum of inherent risk" concept, along with a specific requirement to understand controls relevant to significant risks, not just a general overview.
What makes a risk a "significant risk" rather than an ordinary risk of material misstatement?
SA 315 defines it as an identified risk of material misstatement that, in the auditor's judgment, requires special audit consideration — factors include whether it's a risk of fraud, related to significant recent economic/accounting/other developments, involves significant transactions with related parties, or has a high degree of estimation uncertainty.
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