The Study On The Amendment The Fair Value Auditing Standards In China

China's new accounting and auditing standards system in 2006, have officially released the new guidelines for the system's biggest feature is extensive use of fair value measurement attribute. According to statistics, China's present system of a basic norm and 38 specific guidelines for the composition of corporate accounting standards system, there are 35 items, accounting for about 90% of the accounting standards, either directly or indirectly, used the fair value or present value measurement. Mean while, China in the absence of a separate "Enterprise Accounting Standards No. x x -Fair Value Measurements" case, actually, "in advance to" have the "advanced" fair value auditing standards. The new accounting standards in the big flaw in the fair value of a direct result of the limitations of auditing standards. The extensive use of this property and the absence of relevant guidelines, as well as the limitations of the audit of workers in our country is facing enormous challenges. Therefore, the fair value of audit issues, the fair value of our audit of the theory and practice has important practical significance.This paper from the fair value of the basic theory and its application in domestic and international accounting standards in the application are discussed, and internal audits on the fair value of the development and the development of auditing standards are introduced the situation and differences compared to point out that the fair value of China's auditing standards limitations, and through fair value measurement and disclosure of audit of the basic audit procedures and specific compared to the content of a comprehensive and systematic study, put forward the development of the fair value of China's auditing standards and the implementation of the fair value of audit policy recommendations. Through the thesis research, the following policy recommendations1,Auditing standards in the fair value increase associated with the control of the internal control testing. Relevant standard setting organizations, through careful research, the fair value of auditing standards should be added to the contents of the relevant control testing, the auditors how to control the testing of specific procedures, content, and an explanation.2,Auditing standards in the fair value increase in the fair value disclosed in the audit. The relevant auditing standards-setting bodies should improve audit standards, increasing the adequate disclosure of the fair value of audit content to strengthen its guidelines on the practical work of the guide. For example, on how the auditors to obtain sufficient and appropriate audit evidence to give reasonable assurance of voluntary disclosure of the audited entity and relevant information about the fair value is appropriate to provide.3,Auditing standards in the application of fair value guidance in the fair value of clear evaluation criteria, and enhance operational guidelines. When there is no market price can be observed in the case, fair value is highly uncertain. In order to reduce audit risk, the application of fair value auditing standards and guidelines must be set the fair value of the evaluation criteria and details on how to grasp in the audit process uncertainty.4,explore the fair value of the audit will help improve the quality of new ideas. As the fair value measurement attributes are unique, so the traditional thinking has been auditing the auditors can not provide sufficient, appropriate audit evidence, audit and explore new ideas and therefore is very essential. Auditors on the accounts to be fully aware of the limitations of the trial accounts should not rigidly adhere to the accounts, certificate information, timely changes in audit ideas, to think from different perspectives, from the audit division for the audit of the escalation of analysts.5,Establish and improve the fair value assessment system. In the fair value of the audit process, the independent, qualified professional assessment of the organization for Certified Public Accountants provide the fair value of the reliability of the important basis. Therefore, we should establish a sound assessment system to regulate the fair value assessment of the sources, methods and results. For example:the creation of information databases, such as accumulation of industry data. This allows auditors to audit the fair value of making evidence-based, well continue.