31386 paragraphs found
Not all accounting estimates are subject to a high degree of estimation uncertainty. For example, some financial statement items may have an active and open market that provides readily available and reliable information on the prices at which actual …
Financial reporting frameworks often call for neutrality, that is, freedom from bias. Estimation uncertainty gives rise to subjectivity in making an accounting estimate. The presence of subjectivity gives rise to the need for judgement by management and …
Some accounting estimates, by their nature, do not have an outcome that is relevant for the auditor’s work performed in accordance with this Auditing Standard. For example, an accounting estimate may be based on perceptions of market participants at a …
Obtaining an Understanding of the Entity and Its Environment (Ref: Para. 13 ) …
Paragraphs 11–24 of ASA 315 require the auditor to obtain an understanding of certain matters about the entity and its environment, including the entity’s internal control. The requirements in paragraph 13 of this Auditing Standard relate more …
Information obtained from other sources may be relevant to the identification and assessment of the risks of material misstatement by providing information and insights about: The nature of the entity and its business risks, and what may have changed from …
The nature, timing, and extent of the auditor’s procedures to obtain the understanding of the entity and its environment, including the entity’s internal control, related to the entity’s accounting estimates, may depend, to a greater or lesser degree, on …