Audit and Evaluation under the Financial Reporting Business
The Chinese Certified Public Accountants Auditing Standard No.1321-Audit of Accounting Estimates and Related Disclosures regulates the responsibilities of certified public accountants in the audit of financial statements related to accounting estimates and related disclosures.How to identify,assess and respond to the risk of material misstatement of financial statements caused by the uncertainty of accounting estimates is a difficult point for CPA audits,and it is also a key area for regulators to urge accounting firms and CPAs to be diligent and conscientious and standardize their practice.