Completed
Date

Thursday 10 May 2018

Time

2:30 pm

Duration

1.5 CDP hours

Session Topic

Auditing estimates – addressing ASIC identified shortcomings

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.
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This session is presented by:

Colin Parker

Principal, GAAP Consulting, Financial Reporting Expert

Colin, Principal of GAAP Consulting, is an expert in financial reporting, auditing and related governance issues, and was previously a member of the Australian Accounting Standards Board. He has conducted many independent expert and consulting experts reports on professional negligence, and accounting and auditing standards. He is the team leader advisory and litigation services and adviser to GAAP Training and Reportfraud.

 

Sonya Sinclair

Audit and risk management expert

Sonya is a registered company auditor, registered superannuation auditor and quality-control reviewer, CAANZ. Sonya specialises in risk management, implementation of audit quality through development of audit systems and processes, and interpretation and advice on generally accepted accounting and auditing principles. Sonya has over 15 years’ experience in auditing and financial reporting, bringing a collaborative style and balancing technical aspects with practical recommenations to clients.