ISA Clarity Project Terminology changes

Existing PwC term Planning materiality Materiality for particular items Preliminary analytical procedures Control weakness To be replaced with Performance materiality Materiality for particular classes of transactions, account balances or disclosures Risk assessment analytics Relevant ISA ISA 320.9 ISA 320.10 ISA 315.A7 - A9

Deficiency in internal control ISA 265.6 Note: The Aura view will still be called CD/W Log. The Glossary will explain that W refers to Weakness, a term relevant to US GAAS reporting. ISA 265.6 ISA 330.8 ISA 500.5

Material control weakness Significant deficiency in internal control Validating controls Audit comfort Critical matter Testing operating effectiveness of controls Audit evidence
1

Significant matter ISA 230.A8 Note: Critical Matters view needs to be changed to Significant Matters view Identified misstatement Note: Audit Differences view needs to be changed to Identified Misstatements view Uncorrected misstatement Overall conclusion analytics Specialist in accounting/auditing field Auditor's internal expert Auditor's external expert ISA 450.4

Audit difference

Unadjusted difference Final analytical procedures Specialist

ISA 450.4 ISA 520.6 ISA 620.6

Expert
1

ISA 620.6

The change will not entail updating MyClient tools and guidance, such as Audit Comfort Matrix and Summary of Comfort.