IFIAR issues a statement

On 12 June 2026, IFIAR published its Comment letter to the Post-Implementation Review of International Standard on Auditing (ISA) 540 (Revised). The consultation forms part of the post-implementation review of the standard conducted by the IAASB.

IFIAR acknowledges that ISA 540 (Revised) has contributed to greater clarity in key areas, particularly with respect to risk assessment, professional scepticism and the evaluation of accounting estimates. At the same time, the response highlights that significant challenges remain in the practical application of the standard and that auditing accounting estimates continues to be one of the audit areas most susceptible to deficiencies.

IFIAR Comment Letter on Post-Implementation Review of ISA 540 (revised)