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Accounting Estimates means an approximation of the amount of an item in the absence of a precise means of measurement. This AAS, as the name suggests, establishes standards on the audit of accounting estimates. The AAS, accordingly, deals with such aspects, including, nature of accounting estimates, audit procedures, reviewing and testing the process used by management, evaluation of data and consideration of assumptions, testing of calculations, comparison of previous estimates with actual results, use of independent estimates, review of subsequent events, evaluation of results of audit procedures.

The AAS is effective for all audits commencing on or after April 1, 2000.


Issued in April, 2000.
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2003).
Also available as a separate publication of the Institute (Price: Rs. 15/-).
ISBN: 81-87072-36-9.

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