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Technical updates September 2019
Our roundup of regulatory news.
The first two documents highlight aspects of the new standard and enhancements made to integrate the Board’s risk assessment requirements when auditing accounting estimates, including fair value measurements (AS 2501, Auditing Accounting Estimates, Including Fair Value Measurements). The other two documents highlight aspects of new requirements that apply when auditors use the work of specialists in an audit and when an auditor uses the work of a company specialist as audit evidence (Appendix C to AS 1201, Supervision of the Audit Engagement (when using the work of an auditor-employed specialist), AS 1210, Using the Work of an Auditor-Engaged Specialist) and Appendix A to AS 1105, Audit Evidence).
The proposed new Standard is intended to augment existing guidance in IPSAS 41, Financial Instruments, and improve that Standard’s requirements by introducing guidance on: