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Learn about changes to the auditor's responsibilities related to revised CAS 540, Auditing Accounting Estimates and Related Disclosures.
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CPA Canada has issued this Audit and Assurance Alert: CAS 540, Auditing Accounting Estimates and Related Disclosures to raise awareness about the impact to all auditors resulting from changes to current CAS 540, regardless of the size or type of entity whose financial statements are being audited. These revisions are effective for audits of financial statements for periods beginning on or after December 15, 2019.
The International Auditing and Assurance Standards Board (IAASB) has prepared an At a Glance, which provides an overview of changes made to ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures and related conforming and consequential amendments. Since there are no Canadian amendments, revised CAS 540 mirrors ISA 540 (Revised). This alert contains a link to the IAASB At A Glance, which includes such topics as:
It’s said that a crisis brings out the best in people and, in most cases, that’s true. But there is a dark side to tough times, as fraudsters prey on people who are uncertain and looking for easy answers.
March 18, 2020
The federal government’s actions and fiscal support to address the widespread and devastating economic fallout of the COVID-19 pandemic are welcomed by Chartered Professional Accountants of Canada (CPA Canada).
Listen to this special edition Practitioner’s Pulse webinar where we answer some frequently asked questions around practice management issues and some key financial reporting and auditing implications of COVID-19.