Three important auditing standards are revised, effective December 2020.
Going concern assessment underpins every audit. ISA 570 is revised to strengthen the audit approach.
ISA 540 (accounting estimates) enhances requirements in an already demanding standard. Its approach displays a roadmap for all areas of the audit.
ISA 700 sees new reporting requirements, including discussion of the ability to detect irregularities.
In this on demand CPD course, Edward Rands of ECR Professional Ltd covers the following topics:
- Changes to the auditor’s assessment of Going Concern introduced by the revised ISA 570
- The new requirements for the audit of Accounting Estimates brought about by revisions to ISA 540
- The relevance of the new concepts in ISA 540 to forthcoming revised standards, notably ISA 315 on Risk Assessment
- The new requirement in all audit reports for tailored wording on irregularities, introduced by the revised ISA 700
- An overview of the ongoing impact of current “big issues”, including Brexit and Covid-19, and a look at some further changes to auditing standards which are on the horizon
He led the firm’s technical team, which was responsible for maintaining and updating accounting and auditing knowledge, and for dealing with complex problems and queries as they arose.
He was also the founder chairman of the UK technical committee of his firm’s international network, and a contributing author of the network’s commercially published IFRS manual.
He now works as an independent consultant, advising firms on technical and regulatory matters.