When using the auditor’s own methods, assumptions or data to develop a point estimate or range, the auditor may obtain evidence about the appropriateness of management’s methods, assumptions or data. For example, if the auditor uses the auditor’s own …

The requirement in paragraph  29(a) for the auditor to determine that the range includes only amounts that are supported by sufficient appropriate audit evidence does not mean that the auditor is expected to obtain audit evidence to support each possible …

The size of the auditor’s range may be multiples of materiality for the financial report as a whole, particularly when materiality is based on operating results (for example, pre‑tax income) and this measure is relatively small in relation to assets or …

As part of the discussion among the engagement team, consideration of the disclosure requirements of the applicable financial reporting framework assists in identifying early in the audit where there may be risks of material misstatement in relation to …

Other Considerations Relating to Audit Evidence (Ref: Para.  30 ) …

Information to be used as audit evidence, regarding risks of material misstatement relating to accounting estimates, may have been produced by the entity, prepared using the work of a management’s expert, or provided by an external information …

External Information Sources …

As explained in ASA 500, [53]  the reliability of information from an external information source is influenced by its source, its nature, and the circumstances under which it is obtained. Consequently, the nature and extent of the auditor’s further audit …

For fair value accounting estimates, additional considerations of the relevance and reliability of information obtained from external information sources may include: Whether fair values are based on trades of the same instrument or active market …

When information from an external information source is used as audit evidence, a relevant consideration for the auditor may be whether information can be obtained, or whether the information is sufficiently detailed, to understand the methods, …