Completed
Date

Thursday 14 May 2020

Time

12:00 pm

Duration

1.5 CPD hours

Session Topic

Implementing the revision to auditing accounting estimates and related disclosures

The revised ASA 540 Auditing accounting estimates and related disclosures is operative and will affect all audit team members.

ASA 540 has been significantly revised to keep pace with developments in financial reporting.  In particular, the use of more forward-looking information in the expected credit-loss basis for financial instruments, in revenue recognition and insurance contracts.  These innovations have led to an increase in the volume and complexity of accounting judgements and related disclosures.  All require an auditor’s response.

The session will:

  • Describe how audit planning and audit evidence is affected
  • Identify the changes to audit nature, timing and the extent of audit procedures
  • Describe steps and documentation for assessing the adequacy of disclosures, and
  • Identify what we need from preparers and what we need to tell governance.
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This session is presented by:

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.