Ind AS have introduced fair value accounting in India. While it is the responsibility of the management to prepare the financial statements, it is the responsibility of the auditor to give an opinion on true and fair view on the financial statements. As part of the audit checks, it is the responsibility to ensure that the fair value measurements as required by the various Ind AS are being conducted in an independent and fair manner.
Since, Ind AS are notified under section 133 of the Companies Act 2013 and any valuation required under the Companies Act 2013, has to be conducted by an independent registered valuer as per section 247, it is the duty of the auditor to ensure that if any valuation is required under the Ind AS for fair value measurements, it is conducted by an independent registered valuer.
Here is a list of various valuation requirements under the Ind AS for your ready reference.Download PDF