Transcription of ISA 540 (Revised) and Conforming and Consequential …
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ISA 540 (Revised) and Conforming and Consequential …
Final Pronouncement October 2018. International Standard on Auditing 540 (Revised). ISA 540 (Revised). and Conforming and Consequential Amendments to Other International Standards Arising from ISA 540 (Revised). About the IAASB. This document was developed and approved by the International Auditing and Assurance Standards Board. The objective of the IAASB is to serve the public interest by setting high-quality auditing, assurance, and other related standards and by facilitating the convergence of international and national auditing and assurance standards, thereby enhancing the quality and consistency of practice throughout the world and strengthening public confidence in the global auditing and assurance profession.
6. This ISA also requires a separate assessment of control risk when assessing the risks of material misstatement at the assertion level for accounting estimates. In assessing control risk, the auditor takes into account whether the auditor’s further audit procedures contemplate planned reliance on the operating effectiveness of controls.
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