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https://www.um.edu.mt/library/oar/handle/123456789/2902
Title: | The audit implications of mark to model accounting measurement |
Authors: | Bianchi, Andrea |
Keywords: | Audit firms -- Malta Accounting -- Standards |
Issue Date: | 2010 |
Abstract: | International Accounting Standard 39 requires companies to report their assets at fair value. The best evidence of fair value is quotes prices in an active market. However the financial crisis, which erupted in 2008, exposed numerous flaws in the financial markets and major difficulties have arisen in valuing financial instruments when market information is scarce. The intent of this study is to analyse the extent of use of mark to model accounting, how it is looked at by Maltese auditors, and what audit procedures are carried out in arriving at the fair value of financial assets. Interviews were held with audit partners from the Big Four Audit firms since sole practitioners and mid-tier audit firms are less likely to have the technical resources and expertise to carry such complex valuations. Conclusions are drawn that the audit profession has come across mark to model accounting measurement in Malta. Even though Maltese entities hold rather straightforward quoted investments, specifically related audit procedures have significantly revolutionised, whereby the audit profession has taken a more cautious and informed approach. |
Description: | B. ACCTY. (HONS) |
URI: | https://www.um.edu.mt/library/oar//handle/123456789/2902 |
Appears in Collections: | Dissertations - FacEma - 2010 Dissertations - FacEMAAcc - 2010 |
Files in This Item:
File | Description | Size | Format | |
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10BACC012.pdf Restricted Access | 1.02 MB | Adobe PDF | View/Open Request a copy |
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