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Auditing Accounting Estimates - AASB

Date recorded:

At its meeting on November 28-29, 2016, the AASB provided input to the CPA Canada nominee on the IAASB on issues related to the IAASB’s project to revise ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, including: (i) the objective; (ii) responding to the assessed risks of material misstatement; (iii) work effort for each class of risk; (iv) disclosure and stand back requirements; and (v) documentation of the rationale for the auditor’s judgment. The AASB also discussed the Canadian approach for obtaining feedback once the exposure draft is issued in mid-2017.

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

Correction list for hyphenation

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