IAASA Issues Paper on the Audit of Accounting Estimates


IAASA has issued a paper discussing the audit of accounting estimates. Accounting and auditing standards have evolved to reflect the ever-increasing complexity of accounting estimates and a new standard on auditing accounting estimates comes into effect for periods beginning on or after 15th December 2019. IAASA’s paper discusses the requirements of the new auditing standards that apply to accounting estimates, with the introduction of stronger language around professional scepticism, enhanced risk assessment procedures and an enhanced “stand back” requirement. To read more on this please click here.