ISA 540 (Revised) - Auditing accounting estimates and related disclosures

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Accounting estimates are at the centre of modern audits, often involving significant judgement, complexity, and uncertainty. ISA 540 (Revised) sets out the auditor’s responsibilities for evaluating accounting estimates and related disclosures to ensure they are reasonable and free from bias.

This refresher course is designed for auditors and accounting professionals seeking to strengthen their grasp of the standard and its practical application. Throughout this course, you’ll revisit key concepts, explore inherent risk factors, learn how to respond to and document estimation risks, and understand the role of professional scepticism in enhancing audit quality. You’ll also study real-world examples, communication challenges, and recent developments that have influenced audit judgments in areas such as fair-value measurement, expected credit losses, and post-pandemic economic uncertainty.