Significant audit issues in recent IASB proposals

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07 Dec 2006

Deloitte Touche Tohmatsu has submitted a response to a request from the International Auditing and Assurance Standards Board (IAASB) for identification of significant audit issues in recent proposals by the International Accounting Standards Board (IASB).

Here is an excerpt:

We have concerns about measuring some items in the financial statements at fair value, including whether it is possible to develop sufficient accounting and auditing guidance on measuring fair value reliably. In the appendix to this letter, we have referred to significant audit issues that we have included in our recent comment letters to the IASB as well as an issue arising out of practice. In previous years, we have also highlighted audit issues and concerns around fair value measurement more generally, and specifically on financial instruments and share-based payments.

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