Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

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...

Read this single article for $49, or click the subscribe button below to review subscription options.

Enjoy unlimited access to thousands of articles, browse five years of digital magazines, qualify for reduced admission to events, and more.