Which of the following statements regarding management estimates is FALSE?
A) They also identify estimates with high risk due to forecast errors, and assess
whether these are fairly presented in the circumstances.
B) Complications in audit evaluation can arise from measurements involving
management estimates.
C) In areas where GAAP are evolving, the auditor needs to exercise judgment, guided
by general principles and reporting objectives, to assess fair presentation.
D) Auditors typically do not keep track of the differences between management
estimates and the most reasonable estimates supported by audit evidence.
D) Auditors typically do not keep track of the differences between management
estimates and the most reasonable estimates supported by audit evidence.
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