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Accounting estimates including fair value measurement are among the top and common inspection findings highlighted in ACRA Practice Monitoring Programme's Report from 2019 to 2021. Such audit deficiencies include a lack of adequate assessment of the reasonableness of inputs, variables and assumptions used in the discounted cash flow method.
Audit firms need to involve specialists (such as valuers) to sufficiently review and evaluate the valuation carried out by their clients. Some audit firms don't have in-house valuation experts to sufficiently evaluate the valuation estimates.
Hence, an external valuation expert firm could be engaged by the audit firms to audit and document valuation assumptions and assertions impacting their clients' financial statements.