Question

Auditing guidance is provided for accounting estimates specifically for fair values estimates as considerable auditor judgement is involved.

true
false

Answer 1

Auditing guidance is provided for accounting estimates, specifically for fair value estimates where considerable auditor judgment is involved.

Step-by-step explanation:

Auditing guidance is provided for accounting estimates, including fair value estimates. Considerable auditor judgment is involved in determining fair values for various assets and liabilities. The guidance helps auditors understand the processes and techniques used by management to arrive at fair value estimates and provides them with tools to evaluate the reasonableness of these estimates.