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International audit standard addresses estimates

International audit standard addresses estimates

A newly released international auditing standard for auditing accounting estimates and related disclosures is designed to help auditors keep pace with changes in accounting standards for loan provisions and insurance contracts.

The International Auditing and Assurance Standards Board (IAASB) issued International Standard on Auditing (ISA) 540 (Revised), Auditing Accounting Estimates and Related Disclosures.

Revisions in the standard include:

ISA 540 is the first standard that has been issued under the IAASB’s broader program to address the fundamental elements of the audit. The standard takes effect for financial statement audits for periods beginning on or after Dec. 15, 2019.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

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