{"id":219503,"date":"2024-09-27T04:32:39","date_gmt":"2024-09-27T04:32:39","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/"},"modified":"2024-09-27T04:32:39","modified_gmt":"2024-09-27T04:32:39","slug":"what-are-auditing-standards-for-level-3-fair-value-assets","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/","title":{"rendered":"What are auditing standards for Level 3 fair value assets?"},"content":{"rendered":"<p>Level 3 fair value assets refer to financial instruments or investments that have values that cannot be easily determined through observable market prices. These assets require a more rigorous assessment to determine their fair value. Auditing standards are guidelines and regulations set by various accounting and auditing organizations to ensure accuracy, transparency, and reliability in financial reporting. When it comes to auditing Level 3 fair value assets, auditors need to follow specific standards to ensure the credibility of the reported values.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_62 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#Auditing_standards_for_Level_3_fair_value_assets\" title=\"**Auditing standards for Level 3 fair value assets**\">**Auditing standards for Level 3 fair value assets**<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#1_Identification_and_assessment_of_risk\" title=\"1. Identification and assessment of risk\">1. Identification and assessment of risk<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#2_Understanding_the_valuation_process\" title=\"2. Understanding the valuation process\">2. Understanding the valuation process<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#3_Testing_the_valuation_models\" title=\"3. Testing the valuation models\">3. Testing the valuation models<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#4_Evaluating_the_assumptions_made\" title=\"4. Evaluating the assumptions made\">4. Evaluating the assumptions made<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#5_Assessing_the_qualifications_and_independence_of_the_valuation_specialist\" title=\"5. Assessing the qualifications and independence of the valuation specialist\">5. Assessing the qualifications and independence of the valuation specialist<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#6_Reviewing_documentation_and_evidence\" title=\"6. Reviewing documentation and evidence\">6. Reviewing documentation and evidence<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#What_are_the_specific_requirements_for_disclosing_Level_3_fair_value_assets\" title=\"What are the specific requirements for disclosing Level 3 fair value assets?\">What are the specific requirements for disclosing Level 3 fair value assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#Other_Frequently_Asked_Questions\" title=\"Other Frequently Asked Questions:\">Other Frequently Asked Questions:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#1_What_criteria_categorize_an_asset_as_Level_3_fair_value_asset\" title=\"1. What criteria categorize an asset as Level 3 fair value asset?\">1. What criteria categorize an asset as Level 3 fair value asset?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#2_How_are_Level_3_fair_value_assets_different_from_Level_1_and_Level_2_assets\" title=\"2. How are Level 3 fair value assets different from Level 1 and Level 2 assets?\">2. How are Level 3 fair value assets different from Level 1 and Level 2 assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#3_Who_sets_the_auditing_standards_for_Level_3_fair_value_assets\" title=\"3. Who sets the auditing standards for Level 3 fair value assets?\">3. Who sets the auditing standards for Level 3 fair value assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#4_How_do_auditors_assess_the_reasonableness_of_assumptions_made_in_valuations\" title=\"4. How do auditors assess the reasonableness of assumptions made in valuations?\">4. How do auditors assess the reasonableness of assumptions made in valuations?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#5_What_if_there_is_a_disagreement_between_the_valuation_specialist_and_the_auditors\" title=\"5. What if there is a disagreement between the valuation specialist and the auditors?\">5. What if there is a disagreement between the valuation specialist and the auditors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#6_Are_there_any_specific_audit_procedures_for_Level_3_fair_value_assets\" title=\"6. Are there any specific audit procedures for Level 3 fair value assets?\">6. Are there any specific audit procedures for Level 3 fair value assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#7_How_frequently_should_Level_3_fair_value_assets_be_audited\" title=\"7. How frequently should Level 3 fair value assets be audited?\">7. How frequently should Level 3 fair value assets be audited?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#8_Can_organizations_use_their_own_valuation_models_for_Level_3_fair_value_assets\" title=\"8. Can organizations use their own valuation models for Level 3 fair value assets?\">8. Can organizations use their own valuation models for Level 3 fair value assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#9_What_consequences_do_organizations_face_for_non-compliance_with_auditing_standards\" title=\"9. What consequences do organizations face for non-compliance with auditing standards?\">9. What consequences do organizations face for non-compliance with auditing standards?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#10_Are_Level_3_fair_value_assets_more_susceptible_to_manipulation\" title=\"10. Are Level 3 fair value assets more susceptible to manipulation?\">10. Are Level 3 fair value assets more susceptible to manipulation?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#11_What_measures_should_organizations_take_to_enhance_the_audit_of_Level_3_fair_value_assets\" title=\"11. What measures should organizations take to enhance the audit of Level 3 fair value assets?\">11. What measures should organizations take to enhance the audit of Level 3 fair value assets?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#12_Can_external_auditors_rely_on_the_work_of_internal_auditors_for_Level_3_fair_value_assets\" title=\"12. Can external auditors rely on the work of internal auditors for Level 3 fair value assets?\">12. Can external auditors rely on the work of internal auditors for Level 3 fair value assets?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Auditing_standards_for_Level_3_fair_value_assets\"><\/span>**Auditing standards for Level 3 fair value assets**<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When auditing Level 3 fair value assets, auditors are guided by the following auditing standards:<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_Identification_and_assessment_of_risk\"><\/span>1. Identification and assessment of risk<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAuditors must identify and assess any risks associated with determining the fair value of Level 3 assets. This includes evaluating the complexity of the valuation models, the data reliability, and the internal controls in place.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Understanding_the_valuation_process\"><\/span>2. Understanding the valuation process<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAuditors need to gain a deep understanding of the valuation process followed by the organization and assess whether it aligns with relevant accounting standards. This includes scrutinizing the methodologies, assumptions, and inputs used in the valuation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Testing_the_valuation_models\"><\/span>3. Testing the valuation models<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAuditors must perform extensive testing of the valuation models used for Level 3 fair value assets. This involves assessing the accuracy of the calculations, the appropriateness of assumptions, and the validity of data inputs.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Evaluating_the_assumptions_made\"><\/span>4. Evaluating the assumptions made<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAuditors need to critically evaluate the reasonableness of the assumptions made during the valuation process. This includes examining the sensitivity of the assumptions and the impact they have on the final fair value estimate.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Assessing_the_qualifications_and_independence_of_the_valuation_specialist\"><\/span>5. Assessing the qualifications and independence of the valuation specialist<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nIf a valuation specialist is involved in determining the fair value of Level 3 assets, auditors must evaluate their qualifications, expertise, and independence. This ensures that the valuation specialist is competent and unbiased in their assessments.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Reviewing_documentation_and_evidence\"><\/span>6. Reviewing documentation and evidence<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>\nAuditors need to review all relevant documentation and evidence supporting the fair value calculations. This includes examining the internal controls, valuation reports, supporting data, and any correspondence related to the valuation process.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_specific_requirements_for_disclosing_Level_3_fair_value_assets\"><\/span>What are the specific requirements for disclosing Level 3 fair value assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nThe specific requirements for disclosing Level 3 fair value assets can vary depending on the accounting standards followed by the organization. However, generally, the disclosure should include a description of the valuation techniques used, the key inputs, the sensitivity of the fair value estimates to changes in inputs, and any significant unobservable inputs used.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Other_Frequently_Asked_Questions\"><\/span>Other Frequently Asked Questions:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"1_What_criteria_categorize_an_asset_as_Level_3_fair_value_asset\"><\/span>1. What criteria categorize an asset as Level 3 fair value asset?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nLevel 3 fair value assets are typically illiquid and have inputs that are unobservable in the market, requiring the use of valuation models or assumptions.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_How_are_Level_3_fair_value_assets_different_from_Level_1_and_Level_2_assets\"><\/span>2. How are Level 3 fair value assets different from Level 1 and Level 2 assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nLevel 1 assets have readily observable market prices, while Level 2 assets have observable inputs other than quoted prices. Level 3 assets, on the other hand, rely on unobservable inputs.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Who_sets_the_auditing_standards_for_Level_3_fair_value_assets\"><\/span>3. Who sets the auditing standards for Level 3 fair value assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nAuditing standards are set by various organizations such as the International Auditing and Assurance Standards Board (IAASB), the American Institute of Certified Public Accountants (AICPA), and national regulatory bodies.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_How_do_auditors_assess_the_reasonableness_of_assumptions_made_in_valuations\"><\/span>4. How do auditors assess the reasonableness of assumptions made in valuations?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nAuditors assess the reasonableness of assumptions by evaluating their consistency with market conditions, historical data, expert opinions, and the overall economic environment.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_What_if_there_is_a_disagreement_between_the_valuation_specialist_and_the_auditors\"><\/span>5. What if there is a disagreement between the valuation specialist and the auditors?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nIn the case of a disagreement, auditors may seek additional expert opinions or challenge the valuation specialist&#8217;s assumptions by providing supporting evidence or alternative valuation methods.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Are_there_any_specific_audit_procedures_for_Level_3_fair_value_assets\"><\/span>6. Are there any specific audit procedures for Level 3 fair value assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nWhile the specific procedures may vary depending on the organization and the nature of the assets, audits typically involve testing the inputs, recalculating fair values, reviewing documentation, and assessing the reliability of the valuation models.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_How_frequently_should_Level_3_fair_value_assets_be_audited\"><\/span>7. How frequently should Level 3 fair value assets be audited?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nLevel 3 fair value assets should be audited annually as part of the financial statement audit. However, additional audits may be required if significant changes occur in the valuation methodology or inputs.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_Can_organizations_use_their_own_valuation_models_for_Level_3_fair_value_assets\"><\/span>8. Can organizations use their own valuation models for Level 3 fair value assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nYes, organizations can use their own valuation models as long as they comply with the accounting standards and the models are evaluated and tested by independent auditors.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"9_What_consequences_do_organizations_face_for_non-compliance_with_auditing_standards\"><\/span>9. What consequences do organizations face for non-compliance with auditing standards?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nNon-compliance with auditing standards for Level 3 fair value assets can result in reputational damage, legal penalties, financial misstatements, and loss of investor confidence.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"10_Are_Level_3_fair_value_assets_more_susceptible_to_manipulation\"><\/span>10. Are Level 3 fair value assets more susceptible to manipulation?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nLevel 3 fair value assets can be more susceptible to manipulation due to their reliance on unobservable inputs. That&#8217;s why the application of auditing standards is crucial to ensure the accuracy and fairness of the reported values.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"11_What_measures_should_organizations_take_to_enhance_the_audit_of_Level_3_fair_value_assets\"><\/span>11. What measures should organizations take to enhance the audit of Level 3 fair value assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nOrganizations should establish strong internal controls, engage qualified and independent valuation specialists, maintain proper documentation, and perform regular internal reviews to enhance the audit of Level 3 fair value assets.<\/p>\n<p>**<\/p>\n<h3><span class=\"ez-toc-section\" id=\"12_Can_external_auditors_rely_on_the_work_of_internal_auditors_for_Level_3_fair_value_assets\"><\/span>12. Can external auditors rely on the work of internal auditors for Level 3 fair value assets?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>**<br \/>\nDepending on the credibility and competence of the internal audit function, external auditors may be able to rely on the work of internal auditors, but they are still responsible for forming their independent opinion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Level 3 fair value assets refer to financial instruments or investments that have values that cannot be easily determined through observable market prices. These assets require a more rigorous assessment to determine their fair value. Auditing standards are guidelines and regulations set by various accounting and auditing organizations to ensure accuracy, transparency, and reliability in &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"What are auditing standards for Level 3 fair value assets?\" class=\"read-more button\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/#more-219503\">Read more<span class=\"screen-reader-text\">What are auditing standards for Level 3 fair value assets?<\/span><\/a><\/p>\n","protected":false},"author":55,"featured_media":107420,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86279],"tags":[],"class_list":["post-219503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What are auditing standards for Level 3 fair value assets?<\/title>\n<meta name=\"description\" content=\"Level 3 fair value assets refer to financial instruments or investments that have values that cannot be easily determined through observable market\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are auditing standards for Level 3 fair value assets?\" \/>\n<meta property=\"og:description\" content=\"Level 3 fair value assets refer to financial instruments or investments that have values that cannot be easily determined through observable market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/namso-gen.co\/blog\/what-are-auditing-standards-for-level-3-fair-value-assets\/\" \/>\n<meta property=\"og:site_name\" content=\"Namso Gen Blog - 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