Proposed International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures

Exposure Draft
IAASB
| Exposure Drafts and Consultation Papers
English
Comments due by:

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.
Exposure Draft
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