Auditing accounting Estimates – ISA 540 revised
|CPD Hours:||Attendance at this seminar will secure 2 hour/s verifiable CPD points including other professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc)|
If COVID – 19 has taught us one thing, it is that it is never possible to plan for every eventuality. As such accounting estimates may change regularly and auditors should reassess their responses every year. ISA 540 has recently been revised. From enhanced understanding to documentation of controls over these estimates, the work effort of the auditor has slightly increased. Join us for this 2 hour webinar where we take you through the practical implications of the revised ISA 540.
• Obtaining an understanding of the entity and its environment to identify estimates • Obtain and document an understanding of the controls over these estimates • Documenting the methods, assumptions and sources of data used in calculating estimates • Identify estimation uncertainty and risk of material misstatement o Inherent risk vs Control risk o Retrospective review o Identify management bias • Perform procedures o Outcomes after year end up to the date of the report o Testing management assumptions Calculate an auditor’s point estimate
Auditors, First year SAICA Trainees, Second year SAICA trainees, Third year SAICA trainees, Fourth year SAICA trainees, Fifth year SAICA trainees, Audit managers, Audit partners, and Engagement Quality Control Reviewers