財務會計準則公報第157號「公允價值衡量」中要求揭露「公允價值層級(Fair-Value Hierarchy)」，第一等級為可在市場直接觀察到的報價，第二等級為有類似的資產或負債，可參考其價格，第三等級無法由市場直接觀察到，只能由公司內部提供資訊。由於第三等級主觀成分較大，會計師查核困難度較高，我們用2008年到2012年美國銀行業資料，發現會計師是產業專家時公允價值第三等級與股價的關係較強，代表市場認為公允價值第三等級的資訊由產業專家查核更可靠。

Statement of Financial Accounting Standards No. 157 (FAS No. 157), Fair Value Measurements, prioritizes the source of information used in fair value measurements into three levels: (1) Level 1 (observable inputs from quoted prices in active Markets), (2) Level 2 (indirectly observable inputs from quoted prices of comparable items in active markets, identical items in inactive markets, or other market-related information), and (3) Level 3 (unobservable, firm-generated inputs). Level 3 inputs are subject to the highest degree of information asymmetry between preparers and users. Therefore, there are difficulties for auditors to audit fair value of assets and liabilities. We use annual reports of banking firms in United States from 2008 to 2012. We find that if auditor is industry expert, there is a strong relation between Level 3 assets and stock price. It indicates that accountant with industry experience can provide more reliability to fair value measurement.

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