Auditing Accounting Estimates

Auditing Accounting - AuditingAccounting Estimates SAS57 Identifysituations Accumulatedata Developassumptions

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Auditing Accounting  Estimates SAS 57
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Management’s Responsibility Identify situations Identify relevant factors Accumulate data Develop assumptions Determine estimated amount Determine estimate is in accordance with GAAP
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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
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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
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Auditor’s Objective Obtain sufficient competent evidence that All estimates have been developed Estimates are reasonable Estimates are in accordance with GAAP
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This note was uploaded on 01/20/2011 for the course ACC 603 taught by Professor Robertj.ramsay during the Spring '10 term at Kentucky.

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Auditing Accounting - AuditingAccounting Estimates SAS57 Identifysituations Accumulatedata Developassumptions

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