Question
How might the use of a business valuation specialist be helpful in this year's audit? (Select all that apply.) A.Business valuation specialists have unique skills
How might the use of a business valuation specialist be helpful in this year's audit? (Select all that apply.)
A.Business valuation specialists have unique skills and expertise often necessary to determine if management's estimates of the fair (or recoverable) values are reasonable and appropriate.
B.Business valuation specialists have expertise in testing internal controls related to management's process of estimating fair values.
C.Valuation of fair value requires consideration of a number of factors, such as macroeconomic conditions, industry and market conditions, anticipated changes in costs of business, other relevant company-specific events, among a number of other matters. Financial statement auditors may not have the expertise required for business valuations.
D.None of the above.
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