Joint submission by Chartered Accountants Australia and New Zealand and the Association of Chartered Certified Accountants, responding to an exposure draft issued for public consultation by the International Auditing and Assurance Standards Board (IAASB) on: Proposed International Standard on Auditing 540 (Revised), Auditing Accounting Estimates and Related Disclosures
CA ANZ and ACCA appreciate the opportunity to comment on ED-540. In responding to the proposals and undertaking outreach with our members, we have considered whether ED-540 addresses the concerns that underlie the call for a revision of extant ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures (“ISA 540”). We understand the key concerns to be:
Our detailed comments can be found in the attached document.