One of your audit clients has a material investment in a privately-held bioscien

Question

One of your audit clients has a material investment in a privately-held biosciences company. Your audit firm engaged a business valuation specialist to assist in evaluating the client's estimation of the investment's fair value. You conclude that the valuation specialist's work provides sufficient appropriate audit evidence.
For this situation a. Identify if the condition requires a modification of or a deviation from an unqualified standard report. b. State the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, sate the additional information needed to make a decision. c. Given your answers in parts a and b, state the type of audit report that should be issued. If you have not decided on one level of materiality in part b, state the appropriate report for each alternative materiality level.

Explanation / Answer

yes it does and i think the auditors are in an ambiguous situation but they should pertain to the general idea

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