Accounting estimates are often some of the most challenging and subjective amounts in U.S. GAAP financial statements. Review the relevant auditing guidance related to auditing estimates, including the estimate for credit losses under ASC 326. Focus on the three most common ways auditors can approach their audit of accounting estimates: waiting for the contingency to resolve itself, auditing the client’s estimation process, and developing the auditor’s point or range of estimate. Examine what has changed since SAS 143 became effective for 2023 audits.