Transcription of Auditing Accounting Estimates and Related Disclosures
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Auditing Accounting Estimates and Related Disclosures
Auditing Accounting Estimates651AU-C Section 540 Auditing Accounting Estimates and RelatedDisclosures(Supersedes SAS No. 122 section 540)Source: SAS No. 143; SAS No. for audits of financial statements for periods ending on orafter December 15, of This section addresses the auditor's responsibilities relating to ac-counting Estimates , including fair value Accounting Estimates and Related dis-closures, in an audit of financial statements. Specifically, it includes require-ments and guidance that refer to or expand on how section 315,Understandingthe Entity and Its Environment and assessing the risks of material Misstate-ment; section 330,Performing Audit Procedures in Response to Assessed Risksand Evaluating the Audit Evidence Obtained; section 450,Evaluation of Mis-statements Identified During the Audit; and section 500,Audit Evidence,andother relevant AU-C sections are to be applied with regard to Accounting
Identifying and Assessing the Risks of Material Misstatement ... to address the risks of material misstatement relating to the accounting es- ... appropriate audit evidence regarding the assessed risks of ma-terial misstatement relating to the disclosures in the financial
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