Which of the following procedures would be most important in the audit of an investment valued at fair value?

Which of the following procedures would be most important in the audit of an investment valued at fair value? 



A. Compare the balance in the investment account to the prior year.

B. Read the footnote disclosure related to the investment.

C. Inquire of management's regarding the accuracy and reliability of the underlying data.

D. Develop an independent estimate of the fair value measurement.


Answer: Develop an independent estimate of the fair value measurement


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