M5 Audit Estimates Flashcards
1
Q
What is an accounting estimate?
A
A measurement or recognition in the financial statements of an account, disclosure, transaction or event that generally involves subjective assumptions and measurement uncertainty.
2
Q
What is the legislation that applies to the audit of estimates?
A
ISA 540R
3
Q
What are the risk assessment procedures that you can use to detect misstatements in their accounting estimates?
A
Idk
4
Q
What are the types of responses we should have to the assessed risk of material misstatement in accounting estimates?
A
Idk
