International audit experts are proposing some new guidance that should be added to the required reading list for U.S. companies and auditors involved with complex financial instruments.
The International Auditing and Assurance Standards Board is looking for comments on some draft guidance titled International Auditing Practice Statement 1000, Special Considerations in Auditing Complex Financial Instruments. The guidance highlights some of the practical issues auditors should keep top of mind when dealing with complicated financial instruments, especially around valuation and disclosure issues for instruments that are measured at fair value.
