Concepts and Standards - Fair Value Estimates

Question 1

When auditing the fair value of an asset or liability, valuation issues ordinarily arise at the point of

Answer 1

Initial recording and Subsequent to initial recording

Question 2

Which of the following is least likely to be an approach followed when auditing the fair values of assets and liabilities?

Answer 2

Confirm valuations with audit committee members.

Why?

It is doubtful that audit committee members will have information on the valuation.