At its meeting on June 13-14, 2016, the AASB considered the views of its Auditing Accounting Estimates Advisory Group in providing input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISA 540, including: (i) scalability of the standard to both low and high risk estimates; (ii) definition of key terms used; (iii) risk assessment procedures; (iv) identifying and assessing risks of material misstatement; and (v) work effort requirements in response to the assessed risks. The Advisory Group concluded that issues identified in Canada are consistent with the issues identified by the IAASB. The AASB agreed with this conclusion.

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