CONTENTS

PREFACE

AUTHORITY STATEMENT

Paragraphs

Application.................................. 1-2

Operative Date................................ 3

Introduction.................................. 4-14

Understanding the Entity’s Process for Determining Fair Value Measurements and Disclosures and Relevant Control Activities, and Assessing Risk 15-22

Evaluating the Appropriateness of Fair Value Measurements and Disclosures 23-34

Using the Work of an Expert....................... 35-39

Audit Procedures Responsive to the Risk of Material Misstatement of the Entity’s Fair Value Measurements and Disclosures 40-44

Testing Management’s Significant Assumptions, the Valuation Model, and the Underlying Data 45-59

Developing Independent Fair Value Estimates for Corroborative Purposes 60

Subsequent Events............................. 61-63

Disclosures About Fair Values..................... 64-69

Evaluating the Results of Audit Procedures............. 70-71

Management Representations...................... 72-73

Communication with Those Charged with Governance..... 74

Conformity with International Standards on Auditing...... 75

Appendix 1: Fair Value Measurements and Disclosures under Different Financial Reporting Frameworks