ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, And Related Disclosures – Effective date 01 Jan 2010 ASA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, And Related Disclosures Requirements Risk Assessment Procedures and Related Activities ASA 540 require auditor to obtain following understanding as part of its understanding of entity under […]
Category: Australian standards of auditing
ASA 530 Audit sampling – Effective date 1 July 2006 ISA 530 Audit Sampling Requirements ASA 530 requires auditor to; consider the purpose of the audit procedure and the characteristics of the population from which the sample will be drawn; determine a sample size sufficient to reduce sampling risk to an acceptably low level; select […]
ASA 520 Summary Analytical procedures ASA 520 definitions Analytical procedures – definition Means evaluations of financial information through analysis of plausible relationships among both financial and non-financial data. Analytical procedures also encompass such investigation as is necessary of identified fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by […]
ASA 500 Summary Audit Evidence ASA 500 definitions Accounting records – definition The records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and records […]
ASA 320 Summary Materiality in planning and performing an audit ISA 320 definitions Performance materiality – definition Means the amount or amounts set by the auditor at less than materiality for the financial statements as a whole to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds […]