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Auditing Accounting Estimates - IAASB

Date recorded:

At its meeting on September 18-22, 2017, the IAASB received an overview of the comment letters received on proposed ISA 540 (Revised). The Board discussed respondents’ concerns about the complexity of the proposed ISA and potential difficulties in understanding and applying it in practice, and asked the ISA 540 Task Force to look at ways to restructure the proposed ISA to improve its clarity and readability. The Board also discussed the scalability of the ISA, how risk factors could be taken into account, and how best to structure the response to the assessed risks of material misstatement. The Board highlighted the importance of achieving the right balance between issuing a high-quality standard and the public interest in finalizing the ISA in a timely fashion. The IAASB is holding an additional meeting in October to progress proposed ISA 540 (Revised).

Review the summary including the podcast on the IAASB's Web site.

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