Thursday 4 April 2019


2:30 pm


1.5 CDP hours

Session Topic

Significant revision to auditing accounting estimates and related disclosures

ASA 540 Auditing accounting estimates and related disclosures has been significantly revised to keep pace with developments in financial reporting. In particular, the use of more forward-looking information 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 the key concepts in ASA 540
  • Identify significant changes resulting from the revision
  • Discuss the higher benchmark for assessing the adequacy of disclosures
  • Describe the effect on audit planning and audit evidence, and
  • Identify 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.