Implementing SAS 143 - Re-evaluate & Improve Auditing Estimates

Statement on Auditing Standards (SAS) 143, Auditing Accounting Estimates and Related Disclosures, codified in AU-C 540 of the same title, replaces the existing guidance on auditing accounting estimates in AU-C 540. SAS 143 does not so much create new requirements for auditing estimates but rather improves, expands, strengthens, and modernizes the requirements and application material. SAS 143 delivers a much-enriched body of professional literature on auditing estimates that should enable auditors to better understand and successfully carry out their