Tuesday, February 16, 2021
Looking for ASA 540 resources and answers to some commonly asked questions about implementing ASA 540? Look at our new dedicated portal on the AUASB website relating to Auditing Accounting Estimates. Auditing Accounting Estimates continues to be the area with the most findings in ASIC’s Audit Inspection Report so we recommend auditors refer to these materials as they may assist.
The series of Frequently Asked Questions provides answers to potential implementation areas that our stakeholders are seeking clarification on. They include questions related to areas such as:
• professional scepticism
• risk assessment
• using management’s experts
Auditors are highly encouraged to read the ASA 540 resources and Frequently Asked Questions when planning their audit.