Auditing Standard ASA 540 Auditing Accounting Estimates and Related Disclosures
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CONTENTS
COMPILATION DETAILS
AUTHORITY STATEMENT
CONFORMITY WITH INTERNATIONAL STANDARDS ON AUDITING
Paragraphs
Application......................................................Aus 0.1-Aus 0.2
Operative Date.........................................................Aus 0.3
Introduction
Scope of this Auditing Standard..................................................1
Nature of Accounting Estimates.................................................2-3
Key Concepts of this Auditing Standard...........................................4-9
Effective Date..............................................................10
Objective.................................................................11
Definitions................................................................12
Requirements
Risk Assessment Procedures and Related Activities.................................13-15
Identifying and Assessing the Risks of Material Misstatement.........................16-17
Responses to the Assessed Risks of Material Misstatement............................18-30
Disclosures Related to Accounting Estimates........................................31
Indicators of Possible Management Bias...........................................32
Overall Evaluation Based on Audit Procedures Performed............................33-36
Written Representations.......................................................37
Communication with Those Charged With Governance, Management, or Other Relevant Parties...38
Documentation..............................................................39
Application and Other Explanatory Material
Nature of Accounting Estimates..............................................A1-A7
Key Concepts of this Auditing Standard........................................A8-A13
Definitions............................................................A14-A18
Risk Assessment Procedures and Related Activities..............................A19-A63
Identifying and Assessing the Risks of Material Misstatement.......................A64-A80
Responses to the Assessed Risks of Material Misstatement........................A81-A132
Indicators of Possible Management Bias.....................................A133-A136
Overall Evaluation Based on Audit Procedures Performed........................A137-A144
Written Representations.....................................................A145