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Auditing Accounting Estimates - AASOC

Date recorded:

At the AASOC meeting on July 7-8, 2016, it was noted that the IAASB has started a project to consider revisions to ISA 540. The AASB discussed key issues raised by the IAASB’s task force including: (i) how to address scalability within the standard; and (ii) risk assessment, including how to identify and assess risks and the work effort in responding to risks. In response to a question from AASOC as to why scalability is an issue, Mr. Jensen stated that the AASB is concerned that the required work effort included in the standard may be overly focused on addressing highly complex accounting estimates, and not flexible for dealing with a broad range of accounting estimates.

Review the minutes on the AASOC's Web site.

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