New implementation tool for auditors

25 April 2022
Auditing and Assurance
South African Accounting Academy

IFAC’s new implementation tool contains “what”, “why” and “how” suggestions for implementing International Auditing and Assurance Standards Board's (IAASB) International Standard on Auditing (ISA) 540 (Revised), Auditing Accounting Estimates and Related Disclosures.

It will help auditors implement the IAASB’s ISA 540 (Revised), by providing an overview of steps practitioners could take and related considerations.

The Revised ISA 540 became effective for financial statement audits for periods beginning on or after 15 December 2019.

Click here to download the Implementation tool:

https://www.ifac.org/system/files/publications/files/IFAC-Implementation-Tool-Auditing-Accounting-Estimates-ISA-540.pdf

Relevance to Auditors, Independent Reviewers & Accountants:

As an auditor and independent reviewer, you need to comply with International Standards on Auditing and other Assurance Services.
You need to implement the Revised ISA 540 for periods beginning on or after 15 December 2019, and thus you need knowledge of relevant implementation tools.
You need to consider steps practitioners could take and related considerations in response to the Revised ISA 540.

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