Andrew was educated at the University of Vienna and Balliol College Oxford. He is Professor of Management Practice at the London Business School having previously been Professor of Accounting and Financial Control. He has also served in a number of administrative roles, including as Dean from 2009 to 2017. His current research is on the role of judgement in management after he became curious as to why judgement, which is generally highly valued, is not developed or used in management. He has an Honorary Doctorate from the London Business School and from three other universities.

CONSIDERATIONS FOR MANAGEMENT WHEN DETERMINING ACCOUNTING ESTIMATES AND RELATED DISCLOSURES

The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared an Audit Client Briefing (Briefing) based on the Canadian Auditing Standard (CAS) Audit Client Briefing of the Chartered Professional Accountants of Canada (CPA Canada), published in October 2019 and is used with permission of CPA Canada.

DOWNLOAD THE FULL BRIEFING HERE

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), Auditing Accounting Estimates and Related Disclosures.

This Briefing provides an overview of:

• Management’s responsibilities in determining when accounting estimates are needed;
• Management’s responsibilities regarding the main components of an estimation process; and
• 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.

This Briefing does not constitute an authoritative pronouncement of the International Auditing and Assurance Standards Board (IAASB), nor does it amend, extend or override the ISAs or other of the IAASB’s International Standards. It is not meant to be exhaustive and reading this Briefing is not a substitute for reading the ISAs.

IFAC, the International Federation of Accountants, today announced its first ever female-majority Board. The approval of eight Board members, including five women, occurred at IFAC’s annual Council meeting in Vancouver.

New IFAC Board members and their nominating member organizations are:

• Yeong Kyun Ahn, Korean Institute of Certified Public Accountants
• Joan Curry, Chartered Accountants Ireland
• Caroline Gardner, Chartered Institute of Public Finance and Accountancy
• Winnie Nyamute, Institute of Certified Public Accountants of Kenya
• Fiona Wilkinson, Consultative Committee of Accountancy Bodies
• Ismaila Zakari, Institute of Chartered Accountants of Nigeria

Returning members re-appointed for a second term of service to IFAC’s Board are:

• Tommye Barie, Association of International Certified Professional Accountants
• Idésio da Silva Coelho, Jr., Instituto dos Auditores Independentes do Brasil and Conselho Federal de Contabilidade

Over the course of the past decade, IFAC has committed to improve gender balance on its Board and committees. Through dedicated and ongoing outreach to attract a diverse slate of candidates, with a particular focus on gender diversity, 12 of IFAC’s 23-member Board are now women.

Dr. In-Ki Joo, IFAC President, said, “On behalf of IFAC, I congratulate and welcome all of our new and returning Board members. Each of these individuals was nominated and approved on the basis of their leadership qualities, business acumen, and passion for the future of our profession. We are particularly pleased that, as a result of our deliberate focus on gender diversity, the majority of these well-qualified Board members are women.”

“I am equally pleased to congratulate the newest members of the IFAC organization,” Dr. Joo continued. “Joining IFAC demonstrates a serious commitment to the advancement of our profession, and should be recognized and applauded as a significant milestone on the path of continuous growth and improvement.”

The following Associates have been approved as IFAC Members:

• Albanian Institute of Certified Accountants
• Instituto Salvadoreño de Contadores Públicos
• Certified Practising Accountants of Papua New Guinea

In addition, five professional accountancy organizations have been approved to join IFAC as Associates:

• Colegio de Contadores Públicos de Pichincha y del Ecuador
• Colegio Hondureño de Profesionales Universitarios en Contaduría Pública
• Lao Chamber of Professional Accountants and Auditors
• Ordem dos Contabilistas e Auditores de Moçambique
• Suriname Chartered Accountants Institute

Collectively, this signifies new representation of IFAC in Ecuador, Laos, Mozambique, and Suriname.

“We are committed to representing—and advancing—the global accounting profession. With a majority-female Board and Associates in four new countries, this is a proud moment for IFAC,” said Dr. Joo.

The new Board appointments and membership decisions were approved at IFAC’s 2019 Council meeting, held from November 13 to 14 in Vancouver, Canada.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.