Accounting estimates, including fair value measurements, are becoming more common in financial statements. They may be assessed as a high level of risk due to their nature, lack of observable evidence and potential for management bias.
This leads to an auditor applying a level of professional scepticism, which is fundamental to auditing such areas.
- Common accounting estimates and the potential risks associated with them, for example managements involvement
- Assessment of evidence available for audit testing
- Challenging evidence and documenting your work
- An understanding of professional scepticism and the challenges involved
- References to relevant ISAs, including ISA 540, 240, ISA 200, ISA 220
Join Clare Jones FCCA 14th October at 11.00am for this important audit CPD webinar.
Discover more here > Audit CPD webinar