Categories: Exposure DraftPublished On: 21/07/2005
21 July 2005
Auditing – Exposure Draft ED 545/2005




The Malaysian Institute of Accountants has approved the release of this exposure draft for distribution to members, professional accountancy bodies, regulators and other interested parties for comment only. The exposure draft may be modified in the light of comments received before being issued in the form of an Approved Standard on Auditing.

Comments should be submitted in writing so as to be received by 15 October 2005. Unless respondents request confidentiality, their comments are a matter of public record.

All comments are to be directed to:

The Chairman
Accounting and Auditing Committee
Dewan Akauntan
2, Jalan Tun Sambanthan 3
50470 Kuala Lumpur

Tel : 03 2279 9200
Fax : 03 2273 1016

E-mail :
Website address :

The purpose of this International Standard on Auditing (ISA) is to establish standards and provide guidance on auditing fair value measurements and disclosures contained in financial statements. In particular, this ISA addresses audit considerations relating to the measurement, presentation and disclosure of material assets, liabilities and specific components of equity presented or disclosed at fair value in financial statements.

The standard focuses on:
– Understanding the entity’s process for determining fair value measurements and disclosures.
– Identify and assess the risk of material misstatement at the assertion level.
– Evaluating the appropriateness of fair value measurements and disclosure.
– Using the work of an expert.
– Testing the entity’s fair value measurements and disclosure.
– Evaluating the results of audit procedures.
– Communicating with those charged with governance and management.

Description: ISA545-NEW

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