At its meeting on September 14-15, 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:

• whether the threshold of low inherent risk should be retained;
• how the auditor should take the risk factors (complexity, judgment and estimation uncertainty) into account when performing the risk assessment; and
• how best to structure the requirements related to responding to risks of material misstatement.

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