Objective
- Describe typical areas of estimation and related audit risks
- Explain linkage of assessed risk of material misstatement to the detailed audit plan
- Discuss the importance of challenging management’s assumptions when auditing estimates
- Describe how to properly evaluate the sufficiency and appropriateness of audit evidence and resulting conclusions
Highlights
- Identifying areas of estimation uncertainty
- Assessing risk of material misstatement related to estimates, and testing the estimation process
- Auditing point estimate and range estimates
- Applying audit procedures to common areas of estimation
- Evaluating the results of audit procedures for possible audit adjustment
- Smaller entity audit considerations
Designed For
Accountants who audit accounts, classes of transaction and disclosures with estimation uncertaintyPrerequisite
Experience on basic audit engagementsAdvanced Preparation
None