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Moonfish's non-current asset investments comprise of a number of works of art which have previously been carried in the statement of financial position at cost. These have been valued by the directors, none of whom is a qualified fine art valuer or auctioneer. The valuation has been incorporated in the draft financial statements and the revalued figure represents some 15% of the gross assets of the company as reported on the statement of financial position. The directors have not sought to obtain a specialist valuation. Which of the following statements is correct? A. The auditor must himself obtain a specialist valuation, as the directors have failed to do so. B. The auditor can insist that the revalued figure is not incorporated in the financial statements. C. The auditor does not have a responsibility to obtain a specialist valuation, but if there is insufficient evidence to form an opinion he should modify his opinion in the auditor's report. D. The auditor may require that the directors obtain a specialist valuation. |