This course examines the important role of accounting estimates in financial reporting and auditing. Participants will gain an understanding of how estimates are used across key areas of U.S. GAAP, their inherent risks, and how they can be abused. The course also explores the responsibilities of auditors and highlights some of the procedures for evaluating accounting estimates.
Course Publication Date:
April 08, 2025
This course is available with
NO ADDITIONAL FEE if you have an active
self study membership or
all access membership or can be purchased for
$20.00!
| Author: | Kelen Camehl |
| Course No: | AUD-GAAPINS-29005 |
| Recommended CPE: | 2.00 |
| Delivery Method: | QAS Self Study |
| Level of Knowledge: | Overview |
| Prerequisites: | None |
| Advanced Preparation: | None |
| Recommended Field of Study: | Auditing
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Learning Objectives
- Identify key areas in U.S. GAAP where accounting estimates are required.
- Recognize the potential risks and challenges associated with accounting estimates.
- Differentiate between the proper use of estimates and instances of misuse or manipulation.
- Determine the impact of inaccurate accounting estimates on financial statements.
- Identify the auditor’s responsibilities in evaluating accounting estimates.
- Select appropriate audit procedures for testing the accuracy of accounting estimates.
- Recognize common challenges auditors face when testing complex estimates.
- Differentiate between effective and ineffective audit strategies for assessing accounting estimates.