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Auditing management estimates and risks involved

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Discuss key audit steps you would perform in auditing accounting estimates.
What risks are involved to the auditor in auditing such estimates?
Please answer very concisely in 50 words or less (maximum).

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Solution Summary

In less than 50 words each key audit steps are outlined and risks are identified when auditing accounting estimates.

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Discuss key audit steps you would perform in auditing accounting estimates.

Analytical review and verifying assumptions are used to audit estimates. For example, to analyze the allowance for ...

Solution provided by:
Carol Sargent, PhD
Education
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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