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23.24 (OBJECTIVE 23-5) Visit the following URL to learn about "International standard on auditing (ISA) 540: Auditing accounting estimates, including fair value accounting esti. mates, and related disclosures" http://www.ifac.org/system/files/downloads/2028-2010- iaash-handbook-isa-540.pdf Para 2 mentions, "Some financial statement items cannot be measured precisely but can only be estimated. For purposes of this ISA, such financial statement items are referred to as accounting estimates. The nature and reliability of information available to management to support the making of an accounting estimate varies widely, which thereby affects the degree of estimation uncertainty associated with accounting estimates. The degree of estimation uncertainty affects, in turn, the risks of material misstatement of agement bias." accounting estimates, including their susceptibility to unintentional or intentional man- Required 1. What are the evidence that an auditor should obtain in order to get an understanding in order to provide a basis for the identification and assessment of the risks of mate- rial misstatement for accounting estimates when performing risk assessment proce- dures and related activities? (Hint: The Requirements) 2. Your client, whose core business is selling groceries,owns a shopping mall in the heart of town. Recently the local government has announced that a new Light Rail Transit station will be built opposite the mall. With the new development, you are of the opinion that the mall cannot be valued accurately at historical cost. You have proposed that they engage a property valuation expert to revalue the property. Your client wants to know why you can't do the estimate yourself as "accountants are all experts in figures&quot