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An accounting estimate is an approximation of a financial st

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An accounting estimate is an approximation of a financial statement element, item or account. Which are the relevant or main aspects of an internal controls for accounting estimates?

Study level: Master in Accounting

Response must be sustantive.

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An accounting estimate is an approximation of a financial statement element, item or account. Which are the relevant or main aspects of an internal controls for accounting estimates?

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An accounting estimate is an approximation of a financial statement element, item or account. Which are the relevant or main aspects of an internal controls for accounting estimates?

Solution:

The biggest problem with accounting estimates when it comes to auditing is that estimates by nature are partially based on subjectivity. There are several areas that the auditor needs to assess when auditing internal controls over accounting estimates.

The first main area is going to be that ...

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