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ASB’s proposed Standard encourages professional scepticism

The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued Proposed Statement on Auditing Standards (SAS), Auditing Accounting Estimates and Related Disclosures. The ASB believes the proposed changes will drive auditors to exercise professional scepticism, thereby improving audit quality.

“This proposed standard breaks down the various aspects of management estimates, thus addressing one of the biggest challenges auditors face and allowing auditors to focus their efforts on unique aspects like subjectivity and estimation uncertainty,” said Robert Dohrer, CPA, CGMA, AIPCA Chief Auditor. “The focus on unique aspects are intended to enhance the effectiveness of the auditor’s procedures as they relate to management estimates in general.”

The proposed SAS is intended to help auditors appropriately address the increasingly complex scenarios that arise from new accounting standards.

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