In a report by KPMG (Key Audit Matters: Auditors Report Snapshot, 20 September 2017), it was noted
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In a report by KPMG (Key Audit Matters: Auditor’s Report Snapshot, 20 September 2017), it was noted that calculating and suggesting adjustments to the value of an organisation’s reported goodwill (and also to brand names) is the issue that takes up most of financial statement auditors’ time. Why do you think this is the case?
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Subjectivity in Valuation Goodwill and brand names are typically intangible assets which means their value is not easily determined based on objective market data Instead their valuation often relies ...View the full answer
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