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Preparing for Changes to ISA 540 on Auditing Accounting Estimates
Overview
The IAASB revised its standard on accounting estimates, ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, to respond to the rapidly evolving business environment. The revision ensures that the standard continues to keep pace with the changing market and fosters a more independent and challenging skeptical mindset in auditors. ISA 540 (Revised) became effective for financial statement audits for periods beginning on or after December 15, 2019.
Description
There is going to be a fair amount of work to do to tackle the requirements in the revised standard; including appropriately capturing the changes into audit methodologies and guiding the work of auditors in this area.
| Author | IFAC |
|---|---|
| Division | Audit and Assurance |
| Keywords | Preparing for Changes ISA 540 on Auditing Accounting Estimates |
| Categories | Auditing Accounting Estimates |
| URL |