Auditing accounting estimates; Statement on auditing standards, 057

Authors

American Institute of Certified Public Accountants. Auditing Standards Board

Files

Description

This Statement provides guidance to auditors on obtaining and evaluating sufficient competent evidential matter to support significant accounting estimates in an audit of financial statements in accordance with generally accepted auditing standards. For purposes of this Statement, an accounting estimate is an approximation of a financial statement element, item, or account. Accounting estimates are often included in historical financial statements because a. The measurement of some amounts or the valuation of some accounts is uncertain, pending the outcome of future events. b. Relevant data concerning events that have already occurred cannot be accumulated on a timely, cost-effective basis

Publication Date

1988

Relational Format

pamphlet

Keywords

Auditing -- Standards -- United States; Financial statements -- United States; Accounting -- Estimates

Disciplines

Accounting | Taxation

Comments

Copyright and permission to reprint held by: American Institute of Certified Public Accountants

Recommended Citation

American Institute of Certified Public Accountants. Auditing Standards Board, "Auditing accounting estimates; Statement on auditing standards, 057" (1988). Statements on Auditing Standards. 58.
https://egrove.olemiss.edu/aicpa_sas/58