The auditor needs to have an understanding of the client's internal controls over determining fair value estimates.

Name: The auditor needs to have an understanding of the client's internal controls over determining fair value estimates.
Brand: Quizplus
Rating: 4.9 (28 reviews)

Question

Quizplus · Accepted Answer

As fair value estimates involve subjective judgments and assumptions, having an understanding of the client's internal controls over determining fair value estimates is important for the auditor to assess the reliability and accuracy of the financial statements.

The Auditor Needs to Have an Understanding of the Client's