With respect to accounting estimates that have not been recognised, a particular focus of the auditor’s evaluation may be on whether the recognition criteria of the applicable financial reporting framework have in fact been met. When an accounting …

Determining Whether the Accounting Estimates are Reasonable or Misstated (Ref: Para.  9 , 35 ) …

In determining whether, based on the audit procedures performed and evidence obtained, management’s point estimate and related disclosures are reasonable, or are misstated: When the audit evidence supports a range, the size of the range may be wide and, …

Paragraphs A110–A114 provide guidance to assist the auditor in evaluating management’s selection of a point estimate and related disclosures to be included in the financial …

When the auditor’s further audit procedures include testing how management made the accounting estimate or developing an auditor’s point estimate or range, the auditor is required to obtain sufficient appropriate audit evidence about disclosures that …

As part of the discussion among the engagement team by auditors of public sector entities, consideration may also be given to any additional broader objectives, and related risks, arising from the audit mandate or obligations for public sector entities. …

ASA 450 also provides guidance regarding qualitative disclosures [59]  and when misstatements in disclosures could be indicative of fraud. …

When the financial report is prepared in accordance with a fair presentation framework, the auditor’s evaluation as to whether the financial report achieves fair presentation [61]  includes the consideration of the overall presentation, structure and …

ASA 705 [62]  provides guidance on the implications for the auditor’s opinion when the auditor believes that management’s disclosures in the financial report is inadequate or misleading, including, for example, with respect to estimation …

Written representations about specific accounting estimates may include representations: That the significant judgements made in making the accounting estimates have taken into account all relevant information of which management is aware. About the …