Understanding SAS 143: The Auditing Standard for Accounting Estimates

Learn about SAS 143, its impact on auditors' responsibilities and enhancing financial statement accuracy.

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SAS 143 is an auditing standard issued by the Auditing Standards Board (ASB). It provides guidance on the auditor's responsibility regarding Accounting Estimates and identifying and addressing potential Management Bias. The standard is designed to enhance audit quality and ensure financial statement accuracy.

FAQs & Answers

  1. What does SAS 143 focus on? SAS 143 focuses on the auditor's responsibility regarding accounting estimates and addressing management bias.
  2. Who issues auditing standards like SAS 143? Auditing standards like SAS 143 are issued by the Auditing Standards Board (ASB).
  3. How does SAS 143 enhance audit quality? SAS 143 aims to enhance audit quality by providing guidance on the assessment of accounting estimates in financial statements.
  4. What are accounting estimates? Accounting estimates are approximations that help in determining the financial outcomes for uncertain future events and are crucial for accurate financial reporting.

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