Management’s Selection of a Point Estimate and Related Disclosures about Estimation Uncertainty Management’s steps to understand and address estimation uncertainty (Ref: Para.  26(a) …

When an engagement is carried out by a large engagement team, such as for an audit of a group financial report, it is not always necessary or practical for the discussion to include all members in a single discussion (for example, in a multi-location …

Relevant considerations regarding whether management has taken appropriate steps to understand and address estimation uncertainty may include whether management has: Understood the estimation uncertainty, through identifying the sources, and assessing the …

The selection of management’s point estimate and related disclosures of estimation uncertainty (Ref: Para.  26(b) ) …

Matters that may be relevant regarding the selection of management’s point estimate and the development of related disclosures about estimation uncertainty include whether: The methods and data used were selected appropriately, including when alternative …

Relevant considerations for the auditor regarding the appropriateness of management’s point estimate, may include: When the requirements of the applicable financial reporting framework prescribe the point estimate that is to be used after consideration of …

Relevant considerations for the auditor regarding management’s disclosures about estimation uncertainty include the requirements of the applicable financial reporting framework, which may require disclosures: That describe the amount as an estimate and …

The greater the degree to which an accounting estimate is subject to estimation uncertainty, the more likely the risks of material misstatement will be assessed as higher and therefore the more persuasive the audit evidence needs to be to determine, in …

If the auditor’s consideration of estimation uncertainty associated with an accounting estimate, and its related disclosure, is a matter that required significant auditor attention, then this may constitute a key audit matter. …

When Management Has Not Taken Appropriate Steps to Understand and Address Estimation Uncertainty (Ref: Para.  27 ) …