uditors and management have responsibilities for accounting estimates. Select from the option list provided the most appropriate statement about responsibilities for each item below. Each choice may be used once, more than once, or not at all. Responsibility relative to estimates Answer 1. Take action on subjective as well as objective factors, including knowledge about past and current events and assumptions about future conditions and courses of action 2. Determine that all needed estimates have been developed 3. Maintain an attitude of professional skepticism toward both the subjective and objective factors 4. Review and evaluate the process used 5. Consider whether a bias might exist 6. Report failures to make optimal estimates to authorities 7. Maintain internal control over the process of development 8. Communicate to those charged with governance about significant estimates