ISA 540 (Revised) Implementation Support: Audit Client Briefing

The purpose of this Briefing is to make chief financial officers, other senior management responsible for financial statement preparation, and staff directly involved in determining accounting estimates aware of matters to consider in preparing for the auditor’s requests pertaining to ISA 540 (Revised)

This Briefing provides an overview of:

1) Management’s responsibilities in determining when accounting estimates are needed;

2) Management’s responsibilities regarding the main components of an estimation process; and

3) The impact on management because of changes to the auditor’s responsibilities, including broad questions auditors are likely to ask those involved in the detailed aspects of the estimation process.