Matters that may affect the auditor’s determination of whether the engagement team requires specialised skills or knowledge, include, for example: [39] The nature of the accounting estimates for a particular business or industry (for example, mineral …

The auditor may not possess the specialised skills or knowledge necessary when the matter involved is in a field other than accounting or auditing (for example, valuation skills) and may need to use an auditor’s expert. …

Many accounting estimates do not require the application of specialised skills or knowledge. For example, specialised skills or knowledge may not be needed for a simple inventory obsolescence calculation. However, for example, for expected credit losses …

The auditor’s previous experience with the entity and audit procedures performed in previous audits may provide the auditor with information about such matters as: Past misstatements and whether they were corrected on a timely basis. The nature of the …

Identifying and assessing risks of material misstatement at the assertion level relating to accounting estimates is important for all accounting estimates, including not only those that are recognised in the financial report, but also those that are …

Paragraph A42 of ASA 200 states that the Auditing Standards do not ordinarily refer to inherent risk and control risk separately. However, this Auditing Standard requires a separate assessment of inherent risk and control risk to provide a basis for …

In identifying the risks of material misstatement and in assessing inherent risk, the auditor is required to take into account the degree to which the accounting estimate is subject to, or affected by, estimation uncertainty, complexity, subjectivity, or …

ASA 260 requires the auditor to communicate with those charged with governance the auditor’s views about significant qualitative aspects of the entity’s accounting practices, including accounting policies, accounting estimates and financial statement …

However, users of the financial report have highlighted their interest in accounting estimates that are subject to a high degree of estimation uncertainty (see ASA 540 [28] ) that may have not been determined to be significant risks.  Among other things, …

The Effect on the Audit of Significant Events or Transactions that Occurred during the Period (Ref: Para.  9(c) ) …