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
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.
Copyright © 2022 The International Federation of Accountants (IFAC). All rights reserved.
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
Related Resources
- 2018 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements
- IAASB Work Plan for 2022-2023
- ISA 220 (Revised): Definition of an Engagement Team Fact sheet
- International Standard on Auditing 600 (Revised), Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
- Non-Authoritative Guidance: The Fraud Lens – Interactions Between ISA 240 and Other ISAs
