ASA 545 - Auditing Fair Value Measurements and Disclosures - April 2006
Conformity with International Standards Conformity with International Standards on Auditing
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Conformity with International Standards on Auditing
75 Except as noted below, this Auditing Standard conforms with International Standard on Auditing ISA 545 Auditing Fair Value Measurements and Disclosures, issued by the International Auditing and Assurance Standards Board of the International Federation of Accountants. The main differences between this Auditing Standard and ISA 545 are:
- This Auditing Standard includes the following mandatory requirements that are included as explanatory guidance in ISA 545:
♦ When disclosure of fair value information under the applicable financial reporting framework is omitted because it is not practicable to determine fair value with sufficient reliability, the auditor shall evaluate the adequacy of disclosures required in these circumstances (paragraph 68).
♦ If the entity has not appropriately disclosed fair value information required by the applicable financial reporting framework, the auditor shall evaluate whether the financial report is materially misstated by the departure from the applicable financial reporting framework (paragraph 69).
- ISA 545 includes a Public Sector Perspective section. This Auditing Standard does not include a separate section on the public sector as it is sector neutral.
Compliance with this Auditing Standard enables compliance with ISA 545.