Investments in Securities and Derivative Instruments Flashcards
1
Q
What is the auditors objective?
A
- Sufficient appropriate audit evidence regarding
VALUATION of investments in securities and derivative instruments
2
Q
What are the best evidence of fair value?
A
Quoted market prices (Level 1)
3
Q
If quoted prices are not available, it may be appropriate to obtain estimates form multiple sources?
A
TRUE