Reporting entities in recent years generally benefited from a growing economy, which may have allowed auditors to gain comfort with fair value measurements for financial reporting purposes with relatively less documentation. The disruption to global economic activity and financial markets suggest that a business as usual approach may no longer apply to these same fair value measurements. Consequently, reporting entities can expect fair value measurements to receive greater scrutiny from their auditors and a heighted level of audit documentation. Presenters Brad Taylor and Nicholas Parseghian discuss areas of fair value measurements that auditors are focusing on as the crisis evolves and how valuation specialists and their clients can better prepare for the audit process.
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