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Auditing Standard ASA 540 Auditing Accounting Estimates and Related Disclosures
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Scope of this Auditing Standard
- This Auditing Standard deals with the auditor’s responsibilities relating to accounting estimates and related disclosures in an audit of a financial report. Specifically, it includes requirements and guidance that refer to, or expand on, how ASA 315,[1] ASA 330,[2] ASA 450,[3] ASA 500[4] and other relevant Auditing Standards are to be applied in relation to accounting estimates and related disclosures. It also includes requirements and guidance on the evaluation of misstatements of accounting estimates and related disclosures, and indicators of possible management bias.