IAASB publishes ISA 540 (Revised) implementation support: audit client briefing

Released 19 November 2019

The International Standard on Auditing (ISA) 540 (Revised) Implementation Working Group has published an Audit Client Briefing based on the Canadian Auditing Standard (CAS) Audit Client Briefing of the Chartered Professional Accountants of Canada (CPA Canada).

The purpose of the 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.

The 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.

The full Briefing can be found at https://www.iaasb.org/publications-resources/isa-540-revised-implementation-support-audit-client-briefing.

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