Auditing accounting estimates in an ISA (UK) 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 (UK) 540 (Revised December 2018) 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 (and for early adoption). For audits of earlier periods see Auditing accounting estimates in an ISA (UK) audit.