Auditing Accounting Estimates - AASB

Date recorded:

At its meeting on January 18-19, 2016, the AASB received a presentation on audit matters arising from IFRS 9 including implications for: (i) auditing significant management assumptions and estimates; (ii) how the auditor obtains sufficient appropriate audit evidence; (iii) the use of experts on the audit; and (iv) testing of internal controls.

These and other implications are being explored in the IAASB’s project to revise ISA 540, The AASB decided that two advisory groups would be established to assist staff and the AASB by providing input on issues related to the project.

Review the executive summary on the AASB's Web site.

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