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U.S. still waits for new standards on auditing estimates

Tammy Whitehouse | October 4, 2018

Auditors following global standards now have updated rules on how to audit accounting estimates, guidance that U.S. auditors have been awaiting for several years.

The International Auditing and Assurance Standards Board has finalized and published a revised International Standard on Auditing 540 to give auditors new direction on auditing estimates in a “rapidly evolving business environment.” The IAASB says the revisions are meant to assure the standard keeps pace with the changing market and fosters in auditors a more independent, skeptical mindset.

The guidance is especially responsive to rapid changes in banks, insurers, and other financial services firms, which have changed the way they...

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