Having trouble viewing this email? View the online version here.
|
 |
 |
 |
|
|
 |
 |
|
 |
|
 |
 |
CONSIDERATIONS FOR MANAGEMENT WHEN DETERMINING ACCOUNTING ESTIMATES AND RELATED DISCLOSURES
The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has prepared an Audit Client Briefing (Briefing) based on the Canadian Auditing Standard (CAS) Audit Client Briefing of the Chartered Professional Accountants of Canada (CPA Canada), published in October 2019 and is used with permission of CPA Canada.
DOWNLOAD THE FULL BRIEFING HERE
The purpose of this Briefing is to make chief financial officers, other senior management responsible for financial statement preparation, and staff directly involved in determining accounting estimates aware of matters to consider in preparing for the auditor’s requests pertaining to ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures.
This Briefing provides an overview of:
- Management’s responsibilities in determining when accounting estimates are needed;
- Management’s responsibilities regarding the main components of an estimation process; and
- The impact on management because of changes to the auditor’s responsibilities, including broad questions auditors are likely to ask those involved in the detailed aspects of the estimation process.
This Briefing does not constitute an authoritative pronouncement of the International Auditing and Assurance Standards Board (IAASB), nor does it amend, extend or override the ISAs or other of the IAASB’s International Standards. It is not meant to be exhaustive and reading this Briefing is not a substitute for reading the ISAs.
|
 |
|
 |
|
 |
|
 |
|
 |
 |
 |
Prepared by IFAC's Communications Department. Contact communications@ifac.org for further information.
Unsubscribe *|EMAIL|* from all IFAC emails | Manage IFAC subscriptions
|
 |
Code for Mailchimp