GPPC: Considerations for the Audit of Expected Credit Losses

The Global Public Policy Committee (GPPC), a global forum of representatives of the six largest international accounting networks, has released 'The Auditor's Response to the Risk of Material Misstatement Posed by Estimates of Expected Credit Losses unser IFRS9'.

This paper seeks to advance the objective of high-quality audit procedures over estimates of, and disclosures regarding expected credit losses (ECL) in accordance with IFRS 9 and ISA 540 for material portfolios at Systemically Important Banks. The views contained in this paper may also be of wider interest to other financial institutions.

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