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For entities of all types and sizes, management has to make accounting estimates, which have estimation uncertainty and may also be complex. Making these estimates involves selecting and applying a method using assumptions and data, which requires judgment. The nature, timing and extent of the audit procedures will vary in relation to the estimation uncertainty and the assessment of the related risks of material misstatement.
The implementation tool provides an overview of steps and related matters to consider in auditing accounting estimates and disclosures to assist auditors in implementing ISA / SSA 540 (Revised) Auditing Accounting Estimates and Related Disclosures.
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