When 1 + 1 = 3…Testing Estimates and Assumptions
The Importance of Testing Estimates and Assumptions
Contrary to belief, accounting is not a field that is black and white in application. Organizations are allowed to “estimate” certain items or mark others to fair market value or depreciate some in a manner of their choosing until the book value reaches zero. Each of these has some sort of effect on income statements and balances sheets. In theory, devious organizations can manipulate these items to their benefit. As part of integrated internal audit engagements (i.e. financial, operational, information technology & compliance), it is beneficial for
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