TAILIEUCHUNG - CHALLENGES in AUDiTinG FAiR VALUE ACCOUnTinG ESTiMATES in ThE CURREnT MARKET EnViROnMEnT

Accountants draw upon these understandings in presenting, re-presenting and legitimising their activities as professional. With reference to the UK accountancy profession, we observe the bodies administering the training records and examinations of prospective professionals that justify the right to the privileges of membership. The accountancy profession secures a process of ‘accountability’ by preparing and auditing economic records according to the legal construct of what is ’ True and Fair’ - the meaning of which is deemed to reflect the expert judgment of the accounting professional, guided by professional standards. Thus, within the terms of the professional discourse, ‘regulation’. | STAFF AUDIT PRACTICE ALERT IAASB International Auditing and Assurance Standards Board OCTOBER 2008 The IAASB is an independent standard-setting board of the International Federation of Accountants. CHALLENGES in auditing fair value accounting estimates in the current market environment This alert is issued by staff of the International Auditing and Assurance Standards Board IAASB to assist auditors by highlighting areas within the International Standards on Auditing ISAs that are particularly relevant in the audit of fair value accounting estimates1 in times of market uncertainty. It has been prepared in light of current difficulties in the credit markets and therefore has a focus on financial instruments. It also refers to related issues concerning whether an entity has the ability to continue as a going concern. The alert is relevant to audits of all entities that have investments in financial instruments especially those in illiquid markets. The alert does not amend or override the ISAs that are currently effective the texts of which alone are authoritative. The alert is intended to remind auditors of certain of This alert discusses Challenges faced in accounting on the basis of fair value Requirements and guidance in standards that are particularly relevant to fair values Other considerations in audits of fair value accounting estimates Initiatives of the International Accounting Standards Board and Recent revisions to extant standards on auditing accounting estimates and fair value measurements and disclosures which while not yet effective may be helpful to auditors. their obligations under those standards. While certain ISAs are highlighted the alert is not meant to be exhaustive and reference to the ISAs themselves should always be made. In conducting an audit in accordance with ISAs auditors are required to comply with all the ISAs that are relevant to the Background Measurement and disclosure of fair values are of great importance in many .

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