Question: What do you think is the best objective evidence of
What do you think is the best objective evidence of the reasonableness of an accounting estimate? Use the allowance for doubtful accounts receivable as an example.
Answer to relevant QuestionsHow does overall materiality for the financial statements as a whole differ from overall performance materiality in the auditing standards?Why should auditors think about a compliance assertion that is not listed in the auditing standards about assertions? What is interim audit work? Year-end audit work?What are the advantages of using the same overall materiality level for planning the audit instead of assigning a part of the overall materiality to each account balance?The assertions listed in CAS 315 are each cross-referenced to the five principal assertions.Required:Why are these different terms used to describe assertions in different audit guidancematerials?
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