2018 Audit of Accounting Estimates updated edition - Seminar
Who Should Attend
  • Auditors and assurance practitioners, and their support staff, including audit managers, supervisors, trainee accountants and engagement quality control reviewers
  • Other members and non-members who are affected by, or have an interest in audit and assurance related matters

Auditing of accounting estimates remains one of the audit areas with the highest number of inspection findings at engagement level, locally and internationally. This requires the attention of audit firms and auditors, because accounting estimates are pervasive in most financial statements.

Financial reporting frameworks continue to evolve and have seen the introduction of new types of accounting estimates that also bring new challenges from an auditing perspective. The most prominent recent example of this is the introduction of the expected credit loss (ECL) model in terms of IFRS 9 Financial Instruments, which is effective for annual periods beginning on or after 1 January 2018.

The 2018 Audit of Accounting Estimates seminar was developed and presented in June 2018 with the aim of assisting audit practitioners in applying the current ISA 540 to various accounting estimates that are recognised, measured and disclosed under both IFRS and IFRS for SMEs with the use of examples and practical case studies.

The IAASB has since issued the approved text of ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures on 16 July 2018; with the issue of the final standard expected in October 2018, after due process approval by the Public Interest Oversight Board. ISA 540 (Revised) will be effective for audits of financial statements for periods beginning on or after 15 December 2019. Early adoption is however permitted and encouraged by the IAASB.

As the effective date of ISA 540 (Revised) will only be for audits of financial statements with December 2020 year-ends, the need for a training intervention in the interim in order to address concerns regarding the audit of accounting estimates increases.

Therefore, SAICA has decided to repeat the 2018 Audit of Accounting Estimates seminar after updating the following topics of the seminar: Including more detail on the inspections findings; Expanding on impairments in terms of IFRS 9 and the IFRS for SMEs; and providing a brief overview of the changes in ISA 540 (Revised). SAICA will also develop a detailed seminar that is specifically focussed on understanding and implementing ISA 540 (Revised) for presentation closer to the effective date.

08:00 – 08:30 Registration
08:30 – 10:30 Session 1
10:30 – 11:00 Tea
11:00 – 13:00 Session 2
13:00 – Seminar concludes

The seminar will address accounting estimates that would commonly be encountered during an audit of financial statements of larger and smaller entities applying both IFRS and the IFRS for SMEs. It will also include more complex accounting estimates, specifically the ECL model (the general and simplified approaches). The topics of this seminar will include:

  • An overview of the types of inspection findings regulators are raising and concerns this raises about the audit process
  • A refresher of the requirements of the current ISA 540
  • Brief overview of important changes in ISA 540 (Revised)
  • Auditing impairments under IFRS 9 and the IFRS for SMEs
  • Practical cases: Property, plant and equipment; Impairment of trade receivables; Investment property

Juané Schreuder CA(SA), RA
Juané is the Training and Development Officer at MGI Bass Gordon in Cape Town where she is involved in development and facilitation of staff training, quality control and other technical support. Since qualifying as a Chartered Accountant, she has worked for various entities involved in training and consulting to the accounting profession. Juané is also a member of the AGC and is a SAICA Registered Assessor.

Dates And Venues
Tue, 16 OctJohannesburgFNB Conference CentreReserve a place
Tue, 16 OctOnlineWebcastReserve a place
This Seminar counts towards a maximum of 4 hours verifiable CPD. Please record your CPD hours on the CPD system accessible via the SAICA website, alternatively please bring your membership card to the presentation.
How To Enrol
  • Book online: Please note that the 'Book Online' button is disabled as you would need to be logged in to register for the event
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  • Register as a website user: If you are not a SAICA member or have never attended a SAICA event, you would need to register as a new user on the website. Your login details would be emailed to you and after you have updated your details you would then be able to register for the event.
  • Add multiple attendees: If you would like to add multiple attendees, you would be required to log in and have the ID numbers or SAICA numbers of the attendees you wish to register. If you enter an ID number that does not exist on the database, it is a quick process to register the delegate as a user first and then add them as an attendee.
  • Bill to company: If you would like your company to be billed for the event, please ensure that your 'Work Company' under your profile is correct. Please note that telephonic reservations and enrolments are not accepted.
Investment / Fee
Member R 950,00
Non-MemberR 1 100,00
Webcast MemberR 700,00
Webcast Non - MemberR 800,00
Terms And Conditions

Standard Terms and Conditions of Business

These terms and conditions will apply to all bookings for a seminar or conference or workshop or webcast or similar event organised or to be organised by SAICA or any of its Representatives and marketed as such ('Event'). All bookings will be subject to a confirmation by SAICA and once confirmation of a booking has been sent the booking will be confirmed.
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      1. there was an overbooking by SAICA;
      2. or the Event was cancelled.
  3. Cooling-off Period
  4. All payments by means of an electronic transaction shall be subject to section 44 (Cooling-Off Period) of the Electronic Communications and Transactions Act No 25 of 2002, as amended. As such, individuals shall be entitled to cancel this agreement without reason or penalty within 7 (seven) days after the date of the booking.
    1. If the cooling-off period under clause 7.1 does not apply, and a person is a consumer protected by the Consumer Protection Act No 68 of 2008 and the person makes a booking as a result of direct marketing, then that person shall be entitled (under section 16 (Consumer's right to cooling-off period after direct marketing) of the Consumer Protection Act) to cancel this agreement within five (5) business days after the date of the booking by completing and sending to SAICA the notice attached hereto as Annexure A.
  5. Cancellations
  6. Individuals wishing to cancel a booking must send a written cancellation notice to the person whose name and contact details appear under the Contact Details section of the brochure. Telephonic cancellations will not be accepted.
    1. All cancellations received less than 8 (eight) calendar days prior to the date of the Event shall incur a cancellation fee of 50% (fifty) percent of the Event fee.
    2. Individuals who have booked for an Event but fail to cancel, or transfer (in accordance with 7 below) or substitute (in accordance with 6 below) a booking shall remain liable for the booking and as a result thereof forfeit the Event fee.
    3. No cancellation fee shall be levied by SAICA on cancellation of a booking for reasons of death or hospitalisation.
    4. Failure to a) cancel within 4 working days of the event and/or; b) not show up at a free event; shall attract an administration fee of R350 free events and R650 for paying events.
  7. Substitutions
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    3. Non-members who substitute a member will be liable for the difference between the member Event fee and non-member Event fee.
  8. Transfers
    1. Requests for the transfer of a booking to a different Event venue or Event date or different Event ('Transfer') shall be made in writing to SAICA. Requests for Transfers must be made to the person whose name and contact details appear in the Contact Details section below. Telephonic transfers will not be accepted.
    2. No charges will be levied for a Transfer unless a request for a Transfer is received 15 (fifteen) working days after the first booking, in which case an administration fee of R300 (three hundred rand) shall be charged..
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    To the extent allowed by law, SAICA shall not be liable to any person whatsoever in respect of any loss or damage caused by or arising from any fact or circumstance beyond the reasonable control of SAICA, or which is consequential or incidental or damage of whatever nature and howsoever arising from or in connection with any booking. To the extent allowed by law, SAICA's liability shall in any event and under all circumstances be limited to the refund of the Event fee.
Contact Details
Event Administrator
Tel: 08610 SAICA or 0861072422
Email: saica@saica.co.za
Website: www.saica.co.za
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