audit considerations for valuation of paintings and antiques

This query is : Resolved

Bhavesh Hodar (Querist)
Follow

09 January 2010 If a company has purchased any sort of paintings and antiques years ago. What are audit considerations or check list to verify or check valuation of that paintings and antiques while conducting audit ? Is it possible to rely on any sort of valuation report of the same for audit purpose as generally valuation of such things are not possible ?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
Follow

09 January 2010 Please write about the activities of the company. Whether the company is dealing with such painting ?

From your question; it seems that the same has been retained as investment.

Since there is no diminition in the value; so there is no question of impairment of assets.

Even if some valuation report of an expert is there who is engaged in such type of paintings etc. then you can reply upon the valuation.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Avisha Sinha

Tanishka Khandelwal

venkatesh c

K.Govindarajan

Rasheed Mohd Abdul

Subscribe Now

audit considerations for valuation of paintings and antiques

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

GST CONSULTANT

Accountant

GST CONSULTANCY

Article Assistant

CA Final