Other resources

Auditing Accounting Estimates 

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.

Supporting Audit Quality 

The highest standard of quality in the provision of professional services is imperative for the Chartered Accountancy profession; and even more so for those Chartered Accountants who are also Registered Auditors.

Audit quality is essential to the fulfilment of the objectives on an independent external audit. Consistent and sustainable high audit quality contributes to ensuring the continued relevance and value of audit and assurance services, which in turn are essential in providing trust and confidence to the users of historical financial information, and increasingly also to users of information other than historical financial information.


On 15 January 2015, the IAASB released its new and revised Auditor Reporting standards, designed to significantly enhance auditors’ reports for investors and other users of financial statements. The new auditor reporting standards are widely recognised as one of the most significant developments in auditing history. These standards became effective for audits of financial statements for periods ending on or after 15 December 2016.


Technology is an important topic for auditors as we see changes in this field occurring at a fast rate. It is necessary to assess the impact of technology on audit and assurance to ensure that it does not become a hindrance to the performance of high-quality audits.