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Fair value can cause problems for auditors, because sometimes the reliability of the valuation can be questionable. If the asset is in a market which is relatively inactive, there will be no obvious “going rate” to use as evidence. g. derivatives) it may also make it very difficult to value. Even where there is an active market, values can sometimes be highly volatile. As with all other estimates, fair values can be subjective, complicated, and subject to manipulation. org 61 C H A P T E R 4 – A S S I G N M E N T S I: T H E A U D I T O F F IN A N C I A L S T A T E M E N T S Audit work ● Understand how management have made their estimates and the models used.

Example LNA is a company that sells laptop computers to shops throughout the UK. Just over a year ago, LNA paid $1million for a 5-year exclusive right to sell the EK69 model in the UK market. Sales of the EK69 were excellent for the first few months, but sales have been falling in the last 2 months, partly because of repeated technical faults with the most recent batch sold. What are the audit risks? ● The 5-year right is an intangible asset which should have been capitalised on purchase. 8m at present.

Ensure fair value model used complies with IFRS 2. ● Where shares issued to pay for other things, ensure value of shares links to fair value of what they paid for. Fair value and estimates Accounting issues Fair value is a concept which is found in many accounting areas – Property, Plant and Equipment can be recorded at fair value, it can affect share-based payments, and it is a major issue when valuing financial instruments, for example. Fair value means the value that would be involved in an arm’s length transaction between two willing and knowledgeable parties.

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