About the course

In recent years, the financial reporting framework has shifted from the traditional historical cost accounting to the concept of fair value accounting. These changes are evident in the issuance of new and revised accounting standards including FRS 109 Financial Instruments, FRS 113 Fair Value Measurement and others.

With the intent to enable audit professionals to be able to reasonably examine the fair valuation assumptions and methods used in the financial statements, we will discuss and address common pitfalls in reviewing the valuation which is carried out either by the client’s management or by third party valuers in such fair value measurements.

Upon completion of the webinar, participants will be able to understand the process of the valuation review and the importance of the review for the audit conclusion. It would also help them to understand the recurring audit inspection finding relating to fair value
measurement which has been highlighted by the regulator. The ways to address the pitfalls and challenges of the review will also be explored with the participants.

The webinar will mainly cover the following areas:

• The need for valuation review and its importance for audit conclusion
• The process of valuation review and the required expertise
• The common pitfalls and challenges in performing the valuation review
• The possible ways to address the relevant pitfalls and challenges
• The recurring audit inspection findings relating to fair value measurement