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Auditing Accounting Estimates - AASB

Date recorded:

At its meeting on December 4-5, 2017, the AASB provided input to the CPA Canada nominee on the International Auditing and Assurance Standards Board (IAASB) on issues related to the IAASB’s project to revise ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures. Key issues discussed included:

  • using the spectrum of risk to demonstrate scalability and possible other approaches for scalability;
  • adding wording to enhance the application of professional skepticism;
  • the appropriateness of possibly elevating certain application material to requirements; and
  • the disposition of significant issues in the revised draft of ISA 540 resulting from the responses received to the Exposure Draft.

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

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