As an auditor, some important things to know about IAS 32 are:

1. Definition of financial instruments: Understand the definition of financial instruments and identify the financial instruments in the financial statements.
2. Classification of financial instruments: Ensure that the financial instruments are correctly classified as financial assets, financial liabilities, or equity instruments.
3. Disclosure requirements: Ensure that the financial statements have adequate disclosure on the nature and extent of the risks associated with financial instruments.
4. Fair value measurement: Understand the fair value measurement principles and ensure that the financial instruments are measured at fair value as per the standard.
5. Derivative financial instruments: Understand the criteria for identifying and accounting for derivative financial instruments, including embedded derivatives.
6. Offsetting financial instruments: Understand the criteria for offsetting financial assets and liabilities, and ensure that these criteria are met before offsetting.
7. Evaluating changes in classification: Evaluate changes in classification of financial instruments and ensure that they are supported by appropriate evidence and comply with the standard.
8. Testing internal controls: Test the design and effectiveness of internal controls related to financial instruments, including their classification, measurement, and disclosure.
9. Evaluating the impact of changes: Evaluate the impact of any changes in the accounting standards related to financial instruments and ensure that the financial statements comply with the new requirements.
10. Professional skepticism: Apply professional skepticism while auditing financial instruments and ensure that all relevant information is obtained and considered.
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