The auditors should take exception to assets presented at their estimated current values in personal financial statements.

Question

Quizplus · Accepted Answer

The auditors should not take exception to assets presented at their estimated current values in personal financial statements. This is because personal financial statements are prepared on a historical cost basis and do not require estimates of current values. However, if the personal financial statements are presented on a fair value basis, the auditors may need to perform additional procedures to ensure that the values are reasonable and supported.

The Auditors Should Take Exception to Assets Presented at Their