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Event Description

Accounting estimates are an approximation of a monetary amount in the absence of a precise means of measurement. The risks of material misstatement for areas of estimation tend to be higher due to the dependence on future events and the intended actions of management. This module will discuss tips and techniques for gathering sufficient appropriate audit evidence to support conclusions related to accounting estimates.

Designed For

Accountants who audit accounts, classes of transaction and disclosures with estimation uncertainty


  • Describe typical areas of estimation and related audit risks
  • Explain linkage of assessed risk of material misstatement to the detailed audit plan
  • Discuss the importance of challenging management’s assumptions when auditing estimates
  • Describe how to properly evaluate the sufficiency and appropriateness of audit evidence and resulting conclusions

Major Subjects

  • Identifying areas of estimation uncertainty
  • Assessing risk of material misstatement related to estimates, and testing the estimation process
  • Auditing point estimate and range estimates
  • Applying audit procedures to common areas of estimation
  • Evaluating the results of audit procedures for possible audit adjustment
  • Smaller entity audit considerations


Experience on basic audit engagements


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