Revised auditing standard ASA 540 Auditing Accounting Estimates and Related Disclosures still has a fresh-paint smell, having operated since only 15 December. A challenging standard for audit-team members to apply, the COVID-19 environment has made it even more tricky.
This session will focus on:
- How to apply key requirements of ASA 540
- Simple accounting estimate – inventory impairment, and
- Complex accounting estimates – property, plant and equipment impairment, and accounting estimates of expected credit losses.