We develop a theoretical description of transport through quantum dots connected to reservoirs via spin-polarized ballistic contacts. Rate equations account for spin accumulation inside the dot, electron-electron interactions, and stochastic fluctuations. It is shown that both the ac response (admittance) and the frequency-dependent shot noise are governed by spin-flip scattering, which can be used to detect spin polarization and spin-flip processes in the dot. ; Comment: 4 pages; corrected version according to referee's comments