A&A UPDATE: Audit Sampling; Accounting Estimates; and COSO
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Practical accounting and auditing guidance from the Plain-English A&A update service by Dr. Thomas A. Ratcliffe, PhD, CPA
EXECUTIVE SUMMARY
AU-C Section 530: Audit Sampling
In implementing the clarified auditing technical literature, auditors need to consider the new audit sampling guidance in AU-C Section 530 along with the companion guidance in the AICPA Audit Guide that addresses audit sampling matters.
AU-C Section 540: Auditing Accounting Estimates
AU-C Section 540 of the clarified auditing literature provides new guidance associated with auditing accounting estimates and financial statement disclosures associated with those estimates.
COSO Framework: Looking at Some Planned Guidance
Now that the public comment period associated with planned changes to the COSO internal control framework has ended has been extended to Dec. 4, all stakeholders needing to understand this frequently-utilized framework can anticipate some modifications and even some enhancements to the framework that will need to be understood in order to implement the guidance effectively.
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