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The International Auditing and Assurance Standards Board (IAASB) has released a consultation paper seeking views on developing new fair value auditing guidance where it is most critical in today's environment. Entitled Auditing Complex Financial Instruments, the paper recognizes the strong demand from auditors and preparers for further guidance on auditing complex financial instruments, e.g., in situations of illiquid markets, which currently pose the greatest challenges for them.
The Consultation Paper seeks views on a number of matters requiring consideration in relation to the IAASB's plans to develop guidance relating to auditing complex financial instruments by revising its extant International Auditing Practice Statement (IAPS) 1012, Auditing Derivative Financial Instruments. It incorporates recent work by the
The deadline for comments is 15 January 2010.