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evidence of representation

Forums › ACCA Forums › ACCA AAA Advanced Audit and Assurance Forums › evidence of representation

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by Kim Smith.
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  • February 13, 2019 at 5:22 pm #505034
    alinatt
    Participant
    • Topics: 10
    • Replies: 12
    • ☆

    we know that representations should be obtained for subjective matters while gathering evidence. Should such representations be obtained in respect of fair value classification as per IAS 16?

    February 14, 2019 at 7:19 pm #505140
    Kim Smith
    Keymaster
    • Topics: 138
    • Replies: 8457
    • ☆☆☆☆☆

    There is no fair value classification in IAS 16. If the revaluation model is used it is applied to an entire class of assets – and the auditor should be able to obtain evidence other than management representation that that is the case. What sort of representation are you thinking of?

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