Auditing complex financial instruments
18 Oct 2009
The International Auditing and Assurance Standards Board (IAASB) has published a consultation paper seeking views on possible new guidance on auditing the fair values of complex financial instruments.
The consultation paper – titled Auditing Complex Financial Instruments – recognises the strong demand from auditors and preparers for further guidance on auditing in situations of illiquid markets, which currently pose the greatest challenges for them. Current IAASB guidance is in International Auditing Practice Statement 1012 Auditing Derivative Financial Instruments. The consultation paper incorporates recent work by the UK Auditing Practices Board on the same topic, and asks specific questions about how that guidance might be adapted or supplemented for application in the international context. The consultation paper may be Downloaded from IAASB's Website. Comments are due by 15 January 2010.
