Exposure Drafts and Consultation Papers
Published: Apr 20, 2017
Comments due by:
Aug 01, 2017
All available Translations
Proposed International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures
This proposed standard:
- enhances requirements for risk assessment procedures to include specific factors related to accounting estimates, namely complexity, judgment, and estimation uncertainty;
- sets a more detailed expectation for the auditor’s response to identified risks related to accounting estimates, including augmenting the auditor’s application of professional skepticism; and
- is scalable regardless of the size or sector of the business or audit firm.
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