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Auditing Accounting Estimates - IAASB

Date recorded:

At its teleconference call on January 31, 2017, the IAASB was asked to provide its views on a draft revised “stand back” provision which the Task Force proposes to include in ISA 540. The Task Force’s outreach has indicated that stakeholders are supportive of including a stand back requirement in ISA 540, recognizing that the iterative nature of the audit means that audit quality would be enhanced by requiring the auditor to take stock of the audit evidence obtained in relation to accounting estimates, particularly complex and challenging accounting estimates.

Review the summary on the IAASB's Web site.

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