ASIC’s audit inspections have identified that firms should continue to pay particular attention to the audit of asset values – particularly impairment of non-financial assets – including challenging the reasonableness of any forecasts and key assumptions, and the basis of valuation. Let’s understand ASIC’s concerns and how auditors can implement changes to respond to the complexities of asset values. The session will:
- Identify ASIC’s concerns
- Revisit the key requirements of ASA 540 Auditing Accounting Estimates, and
- Discuss how auditors can improve the auditing of asset values.
