31386 paragraphs found
For entities with an internal audit function, its work may be particularly helpful to the auditor in obtaining an understanding of: The nature and extent of management’s use of accounting estimates; The design and implementation of control activities that …
Reviewing the Outcome or Re‑Estimation of Previous Accounting Estimates (Ref: Para. 14 ) …
A review of the outcome or re-estimation of previous accounting estimates (retrospective review) assists in identifying and assessing the risks of material misstatement when previous accounting estimates have an outcome through transfer or realisation of …
A retrospective review may provide audit evidence that supports the identification and assessment of the risks of material misstatement in the current period. Such a retrospective review may be performed for accounting estimates made for the prior …
A retrospective review of management judgements and assumptions related to significant accounting estimates is required by ASA 240. [37] As a practical matter, the auditor’s review of previous accounting estimates as a risk assessment procedure in …
Based on the auditor’s previous assessment of the risks of material misstatement, for example, if inherent risk is assessed as higher for one or more risks of material misstatement, the auditor may judge that a more detailed retrospective review is …
The measurement objective for fair value accounting estimates and other accounting estimates, based on current conditions at the measurement date, deals with perceptions about value at a point in time, which may change significantly and rapidly as the …
A difference between the outcome of an accounting estimate and the amount recognised in the previous period’s financial report does not necessarily represent a misstatement of the previous period’s financial report. However, such a difference may …