The IAASB seeks feedback on its Exposure Draft of proposed ISRS 4400 (Revised), Agreed-Upon Procedures Engagements, which enhances key concepts in the standard, including the role of professional judgment, disclosures relating to practitioners independence, use of a practitioner’s expert and restrictions on the distribution and use of the AUP report.
The IAASB’s Proposed ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures, significantly changes how auditors evaluate accounting estimates and related disclosures—auditors and other stakeholders are asked to consider the proposed changes and share feedback.
The IAASB’s Agreed-upon Procedures Working Group has issued a Discussion Paper and requests input from all stakeholders.
The IAASB is in an information-gathering phase of its project on agreed-upon procedures, which includes a revision of ISRS 4400, Engagements to Perform Agreed-Upon Procedures Regarding Financial Information, and consideration of more holistic issues involving agreed-upon procedures.
Implementation support videos on ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures.