Main Features 
This Auditing Standard:

1. establishes mandatory requirements and provides explanatory guidance on auditing fair value measurements and disclosures contained in a financial report, including addressing audit considerations relating to the fair value measurement, presentation and disclosure of material assets, liabilities and specific components of equity;
 

2. requires the auditor to understand the entity’s process for determining fair value measurements and disclosures and relevant control activities to identify and assess risk of material misstatement (paragraph 15);
 

3. requires the auditor to determine whether there is a need to use an expert (paragraph 35);
 

4. requires the auditor to endeavour to perform further audit procedures in response to assessed risks of material misstatement (paragraph 40); and
 

5. requires the auditor to obtain management representations about the reasonableness of significant assumptions (paragraph 72).