audit considerations for valuation of paintings and antiques

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Bhavesh Hodar (Querist)
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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)
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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.