Valuation Review for Financial Audit

Gheorghe Nistoroiu

The Valuation Journal, 2010, vol. 5, issue 1, 22-41

Abstract: Reviewing valuations for financial reporting of a company by certified experts under the financial audit process is an express requirement of the International Standards on Auditing. Given time and budgetary constraints that are inherent to any financial statement auditing, the scope of a review for auditing purposes is generally limited to the information contained in the report and to that made available by the company management. This report includes a set of procedures designed to assess the auditing methodology used, the appropriateness and relevance of input data, as well as compliance with the requirements of the International Valuation Standards and of the International Financial Reporting Standards. This paper describes the methodologies and tools used to review the different types of audit valuation mechanism (real estate, personal properties, and businesses valuation and asset impairment testing), with emphasis on the specificity and the main targets pursued for each type of review. Finally, the paper presents the author's expertise in implementing a set of measures that lead over time to an increased fluency of the review process and auditing, by reducing the number of nonconforming valuations.

JEL-codes: G12 M42 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:vaj:journl:v:5:y:2010:i:1:p:22-41

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