Auditing Accounting Estimates

Auditing Accounting Estimates - AuditingAccounting...

Info iconThis preview shows pages 1–6. Sign up to view the full content.

View Full Document Right Arrow Icon
Auditing Accounting  Estimates SAS 57
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Management’s Responsibility Identify situations Identify relevant factors Accumulate data Develop assumptions Determine estimated amount Determine estimate is in accordance with GAAP
Background image of page 2
Internal Control for Estimates MGMT communication of need for proper  estimates Accumulation of relevant, sufficient, reliable data Qualified personnel Review and approval Comparison with subsequent results Whether estimate is consistent with operational  plans
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Review and approval Source of factors Development of assumptions Reasonableness of assumptions and estimates Consideration of need for specialists Consideration of need for changes in previously used  methods
Background image of page 4
Auditor’s Objective Obtain sufficient competent evidence that All estimates have been developed Estimates are reasonable Estimates are in accordance with GAAP
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 10

Auditing Accounting Estimates - AuditingAccounting...

This preview shows document pages 1 - 6. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online