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Inherent Limitation Accounting Concepts, Assignment Help
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Inherent limitation is important topic in accounting subject. Inherent limitation also means the risk factor included in a particular transaction that can be proved a threat or the business, like in business, cash management is the most risky because cash has an inherent nature of risk in itself. We at
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Data is not absolute or concrete. Judgment and estimation are necessary to develop the specific measurements and to convert the data into useful information. There will always be a possibility of errors when human judgment is involved, there this is called an inherent limitation. The solution to deal with such type of inherent limitation is to have all the facts with certainty. Each information has its life during this period it will be fertile and after the expiry of that period information will be useless.
So whenever human judgments and estimation is involved there will be a risk called inherent limitation. For the reliable use of information for processing on e must keep an eye on the reliability of the supporting information that is actually the base for judgments
Inherent limitation also means the risk factor included in a particular transaction that can be proved a threat or the business, like in business, cash management is the most risky because cash has an inherent nature of risk in itself.
Estimation and judgment are based on past experiences so whenever an estimate is made it obviously includes a human error which will be later on proved by the time that it has some constraints and variables that later keep on changing.
In fact estimations are the approximate judgments, so these are inherently risky. The only solution is that we cannot eliminate it from the process rather we can reduce it by our risk based approach.
When applying the audit procedures for a particular transaction that has an inherent limitation that whenever there is a risky area ,engagement partner use experienced experts in this area to reduce risk and so audit is also a risk based approach and it has also an inherent limitation that it does not guarantee the accuracy and reliability of financial statement
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