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A new resource hub from the Audit and Assurance faculty offers easy access to specialist support.

Accounting estimates and related disclosures can be tricky to audit and implementing the new and enhanced requirements in the revised International Standard on Auditing (ISA) 540 can be challenging. To help firms as they adopt and adapt to the revised standard, the faculty has collected a range of resources and made them accessible from a new dedicated hub page. Auditing Accounting Estimates.

Here you will find links to numerous ICAEW articles, guides, helpsheets and webinars, plus links to resources from the International Auditing and Assurance Standards Board.

Managing the transition

Auditors are adapting to major changes, new concepts and enhanced requirements. Firms are getting to grips with updated audit methodologies, procedures, standard forms and more. Audit teams are learning what the changes to ISA 540 (Revised) mean and why they are important. Careful thinking, planning, training and guidance all contribute to effective implementation.

The new hub guides the auditor through some of the topics and questions that will be front of mind for many.

Tricky areas are addressed in articles on, for example:

Practical illustrations

Valuable recent additions to the resource hub include a series of four webcasts (recorded during January 2022). They are designed to support audit firms in auditing accounting estimates under ISA 540 (Revised), by using practical illustrations to consider key issues in common audit areas.

Each faculty webcast is presented by a different technical expert. They are:

Audit and Assurance Faculty Technical Manager Emma Cross, who introduces the first two webcasts, says: “Through practical examples of both common and tricky audit areas, the webcasts offer useful reminders to help firms navigate some of the key changes, new concepts and enhanced requirements of the revised standard.”

Audit & Beyond

This article was first featured in the April 2022 edition of Audit & Beyond.

Audit & Assurance April 2022 cover