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SA 540

Governs auditing accounting estimates, including fair value estimates, and the related disclosures — an area inherently more judgmental than a verifiable transaction.

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Related terms

  • SA 520

    Analytical procedures — evaluating financial information through plausible relationships among data, both financial and non-financial.

  • SA 530

    The Standard on audit sampling — selecting less than 100% of a population and projecting the result, as distinct from full-population testing.

  • SA 550

    The Standard specifically addressing related parties — identification, the risk of undisclosed relationships, and the related disclosure requirements.

  • SA 560

    Subsequent events — the auditor's responsibility for events occurring between the balance sheet date and the date of the audit report.

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231 terms in total, or go deeper with working procedures and worked examples in the resource library.

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