Auditing Accounting Estimates

The increasingly complex business environment and changes in accounting practices mean that auditors need a more robust approach to identifying, assessing and responding to risks of material misstatement for accounting estimates and related disclosures.

To counter this, the IAASB enhanced its standard on auditing accounting estimates to support of audit quality and keep pace with the changing market.

International Standard on Auditing 540 (Revised) is effective for audits of financial statements for periods beginning on or after December 15, 2019.


Effective Date:

December 15, 2019


ISA 540 (Revised) Conforming Amendments

Conforming Amendments


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