31386 paragraphs found
By contrast, the accounting estimates may require significant judgements by management, and the process for making the accounting estimates may be complex and involve the use of complex models. In addition, the entity may have a more sophisticated …
The following considerations may be relevant for entities with only simple businesses, which may include many smaller entities: Processes relevant to accounting estimates may be uncomplicated because the business activities are simple or the required …
The Entity and Its Environment The entity’s transactions and other events and conditions (Ref: Para. 13(a) ) …
Changes in circumstances that may give rise to the need for, or changes in, accounting estimates may include, for example, whether: The entity has engaged in new types of transactions; Terms of transactions have changed; or New events or conditions have …
The requirements of the applicable financial reporting framework (Ref: Para. 13(b) ) …
Obtaining an understanding of the requirements of the applicable financial reporting framework provides the auditor with a basis for discussion with management and, where applicable, those charged with governance about how management has applied those …
In obtaining this understanding, the auditor may seek to understand whether: The applicable financial reporting framework: Prescribes certain criteria for the recognition, or methods for the measurement of accounting estimates; Specifies certain criteria …
Obtaining an understanding of regulatory factors, if any, that are relevant to accounting estimates may assist the auditor in identifying applicable regulatory frameworks (for example, regulatory frameworks established by prudential supervisors in the …