Audit Staff Essentials - Experienced In Charge or Senior: Auditing Estimates and Fair Value

Understanding estimates and fair value

Navigating the task of auditing estimates and fair values is an essential and sometimes challenging part of your work.

You can build an understanding of various issues relating to estimates and fair values, including:

• Key requirements
• The role of audit evidence
• Biases
• Documentation
• Accounting and auditing challenges

Special topics

You can also apply professional skepticism by learning about topics, such as:

• Distinguishing misstatements in estimates
• Evaluating specialist evidence
• Disclosures
• Auditing deficiencies
• The role of estimates and fair value measurements in revenue recognition

Who Will Benefit

In-charge and experienced audit staff with more than two to three years of audit experience

Key Topics

• GAAS requirements for auditing estimates and fair value measurements
• Auditor and management biases
• Challenging concepts in fair value accounting and auditing
• Evaluating specialist evidence
• Disclosures
• Estimates and fair value measurements in revenue recognition

Learning Outcomes

• Identify the required audit practices and procedures to meet generally accepted auditing standards (GAAS) requirements.
• Assess accounting and auditing challenges relating to estimates and fair value measurements.
• Identify the process used to assess misstatements of entity estimates.
• Analyze special topics regarding estimates and fair value measurements, such as credentials of specialists, written representations, disclosures, and estimates in revenue recognition.
• Identify common auditing deficiencies around estimates and fair value measurements.
• Identify specific audit considerations regarding estimates and fair value measurements regarding revenue recognition.