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Auditing accounting estimates in an ISA audit (updated August 2019)

Accounting estimates are increasingly common in financial statements and, by their very nature, can be challenging for auditors to audit. This guide looks at the key requirements in ISA 540 (Revised) Auditing accounting estimates and related disclosures and deals with some of the potential challenges.

This version of the guide is relevant for audits of financial statements for accounting periods commencing on or after 15 December 2019. For audits of earlier periods see Auditing accounting estimates in an ISA audit.