GAAP Consulting
Completed
Date

Thursday 23 May 2024

Time

2:30 pm

Duration

1.5 CPD Hours

Session Topic

The fundamentals of ASA 540 Auditing Accounting Estimates and Related Disclosures

ASIC and other regulators have consistently identified shortcomings in the auditing of accounting estimates and related disclosures. This session tackles these concerns head-on by exploring what’s going wrong, why it matters, and how auditors can strengthen their approach. We’ll link audit planning to execution and reinforce the key principles in ASA 540 to help teams enhance audit quality.

In this session, we will cover:

  • Insights from ASIC and other inspection findings on accounting estimates
  • The relationship between ASA 315 and ASA 540, and how they interact in practice
  • Updates to ASA 540 following the consequential amendments from ASA 315
  • Key concepts in ASA 540, including inherent risk factors, control risk, professional scepticism, the notion of “reasonable”, and disclosure
  • Tips for improving audit documentation and evidencing professional judgement
$380.00 Buy GAAPinar
12
Book 4 GAAPinars & get one free

This session is presented by:

Colin Parker

Principal | GAAP Consulting

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.

 

Jessica-Anne Saayman

Director | QA Assist

Jessica is a result driven, energetic Independent Consultant and Specialist in Assurance Consulting Services with more than 26 years’ proven experience in technical, ethics, quality and peer reviews, accounting, listed and unlisted, multinational corporation, public sector audits, including advisory opportunities such as merger and acquisitions and forensics.

Her industry exposure includes healthcare, steel, property, manufacturing, distribution, consumer business, short term insurance, Not-For-Profit and government/public sector; with cumulative experience at partner level (mid-tier and big 4) in external audit for more than a decade.