Proposed International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures

Exposure Draft

IAASB
Apr 20, 2017 | Exposure Drafts and Consultation Papers
1 Pages
English

All available Translations: French

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Comments due by: Aug 01, 2017

This proposed standard:

  • enhances requirements for risk assessment procedures to include specific factors related to accounting estimates, namely complexity, judgment, and estimation uncertainty;
  • sets a more detailed expectation for the auditor’s response to identified risks related to accounting estimates, including augmenting the auditor’s application of professional skepticism; and
  • is scalable regardless of the size or sector of the business or audit firm.
 

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Submitted Comment Letters

1. Provincial Auditor Saskatchewan  (Canada)
July 5, 2017

2. Cygnus Atratus  (Netherlands)
July 5, 2017

3. Australian Institute of Company Directors
July 10, 2017

4. International Association of Insurance Supervisors
July 11, 2017

5. Financial Reporting Council
July 21, 2017

6. U.S. Government Accountability Office  (United States)
July 25, 2017

7. European Banking Authority (EBA)
July 25, 2017

8. Brigham Young University and the University of Missouri
July 25, 2017

9. Association of National Accountants of Nigeria - ANAN  (Nigeria)
July 25, 2017

10. SRA
July 25, 2017

11. European Securities and Markets Authority (ESMA)
July 26, 2017

12. Institut der Wirtschaftspruefer
July 27, 2017

13. Compagnie Nationale des Commissaires aux Comptes and the Conseil Superieur de I’Ordre des Experts-Comptables
July 27, 2017

14. Chartered Accountants Australia and New Zealand and the Association of Chartered Certified Accountants
July 28, 2017

15. Insititute of Registered Auditors (IBR-IRE)  (Belgium)
July 28, 2017

16. Financial Audit and Accounting Subcommittee of INTOSAI
July 30, 2017

17. Australasian Council of Auditors General
July 30, 2017

18. Office of the Auditor-General (New Zealand)  (New Zealand)
July 31, 2017

19. Wayne Morgan
July 31, 2017

20. The American Institute of Certified Public Accountants  (United States)
July 31, 2017

21. South African Institute of Chartered Accountants (SAICA)  (South Africa)
July 31, 2017

22. European Federation of Accountants and Auditors for SMEs
July 31, 2017

23. ICAS  (United Kingdom)
July 31, 2017

24. Asociación Interamericana de Contabilidad (AIC)
July 31, 2017

25. Basel Committee on Banking Supervision
July 31, 2017

26. External Reporting Board
July 31, 2017

27. FEDERACION ARGENTINA DE CONSEJOS PROFESIONALES DE CIENCIAS ECONOMICAS  (Argentina)
July 31, 2017

28. THE INSTITUTE OF CHARTERED ACCOUNTANTS (GHANA)  (Ghana)
July 31, 2017

29. Hong Kong Institute of Certified Public Accountants
July 31, 2017

30. Malaysian Institute of Accountants  (Malaysia)
July 31, 2017

31. Institute of Chartered Accountants in England and Wales (ICAEW)
July 31, 2017

32. KPMG IFRG Limited
August 1, 2017

33. PricewaterhouseCoopers International Limited
August 1, 2017

34. Center for Audit Quality  (United States)
August 1, 2017

35. KICPA  (Korea, Republic of)
August 1, 2017

36. Stuart Barr, Office of the Auditor General of Canada  (Canada)
August 1, 2017

37. American Bankers Association  (United States)
August 1, 2017

38. Auditing and Assurance Standards Board (AASB)  (Canada)
August 1, 2017

39. ISCA  (Singapore)
August 1, 2017

40. RSM International Limited
August 1, 2017

41. Independent Regulatory Board for Auditors (IRBA)
August 1, 2017

42. Grant Thornton International Ltd
August 1, 2017

43. DTTL  (United States)
August 1, 2017

44. PKF International Limited
August 1, 2017

45. CIPFA  (United Kingdom)
August 1, 2017

46. VISHNU DUTT MANTRI  (India)
August 1, 2017

47. Accountancy Europe
August 1, 2017

48. Institute of Chartered Accountants of Zimbabwe  (Zimbabwe)
August 1, 2017

49. BDO  (United Kingdom)
August 1, 2017

50. EXPERT GROUP NEW DELHI TO FORMULATE COMMENTS ED OF ISA 540R - INDIA  (India)
August 1, 2017

51. Australian Auditing and Assurance Standards Board
August 1, 2017

52. Nederlandse Beroepsorganisatie van Accountants
August 2, 2017

53. The Japanese Institute of Certified Public Accountants  (Japan)
August 2, 2017

54. National Association of State Boards of Accountancy’s (NASBA)  (United States)
August 2, 2017

55. International Forum of Independent Audit Regulators
August 3, 2017

56. Committee of European Auditing Oversight Bodies
August 3, 2017

57. Institute of Chartered Accountants of Pakistan  (Pakistan)
August 3, 2017

58. Ernst & Young Global Limited
August 3, 2017

59. Chartered Accountants Ireland  (Ireland)
August 4, 2017

60. IFAC SMP Committee
August 7, 2017

61. Corporate Reporting Users' Forum (CRUF)
August 7, 2017

62. CPA Australia
August 8, 2017

63. Crowe Horwath International
August 8, 2017

64. Instituto dos Auditores Independentes do Brasil  (Brazil)
August 15, 2017

65. International Organization of Securities Commissions
August 21, 2017

66. ICPAK  (Kenya)
August 24, 2017

67. CFA Institute
August 30, 2017

68. The Institute of Chartered Accountants of Sri Lanka.  (Sri Lanka)
September 15, 2017

69. International Actuarial Association
September 18, 2017

 

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