IFAC Release: New Implementation Tool for auditing accounting estimates.

Notice

The International Federation of Accountants (IFAC) issued a Tool to work in conjunction with the International Auditing and Assurance Standards
Board’s (IAASB) previously published ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures, and other relevant ISAs.

Information and Implications

Management of all entities, irrespective of type or size, has to make accounting estimates from time to time. These accounting estimates have a certain degree of estimation uncertainty and may also be complex to calculate.

The Implementation Tool assists auditors in the implementation of ISA 540 (Revised) and provides an overview of steps and related matters that auditors should consider when auditing accounting estimates and related disclosure. 

Context for the beginner

Read more Here

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