Final answer:
ISA 315 (Revised) is the standard related to auditing which has been released in response to audit failures. It provides guidance on assessing risks of material misstatement in an audit context. Other mentioned standards are related to different aspects of quality management, internal control, and financial instruments.
Step-by-step explanation:
In response to audit failures regarding risk management and auditing processes, ISA 315 (Revised) has been released. ISA 315 is an auditing standard titled 'Identifying and Assessing the Risks of Material Misstatement' and forms part of the International Standards on Auditing. This standard provides guidance on the responsibilities of an auditor when identifying and assessing risks of material misstatement. While ISO 9001, COSO Framework, and IFRS 9 are important standards, they are not primarily focused on audit failure response. ISO 9001 deals with quality management systems, the COSO Framework is related to internal control, and IFRS 9 pertains to financial instruments.