Auditing accounting estimates and related disclosures: ISA 540(R)
Author: Juané Schreuder CA(SA)
Study time: 6 hours
ISA 540(R) deals with the auditor’s responsibilities relating to accounting estimates that were made by management and the related disclosures included in the financial statements. The standard was revised between 2015 and 2019 and is effective for audits of financial statement periods beginning on or after 15 December 2019. The revised standard establishes more robust requirements, details guidance to foster audit quality, emphasises the importance of appropriate professional scepticism and provides guidance materials to supplement the revisions to the standard. Complete this course for a comprehensive understanding of ISA 540(R) and the practical application thereof.
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