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Unquoted equity investments can take various forms and possess unique characteristics and risks to financial reporting. These investments are typically not quoted in an active market and involve ownership interest in private companies whose shares are not publicly traded, as well as in private equity funds. Due to the general lack of observable market data or information relevant to the valuation of these investments, auditing the valuation of such investments can involve professional judgement and present significant challenges.
To support auditors in this area, ISCA has developed AB 8 which highlights key considerations when designing and performing procedures over the valuation of unquoted equity investments measured at fair value.