The estimation, reporting, and audit of fair value estimates in financial reporting is a process that involves professional interactions that may differ from other valuation settings. Engagements for financial reporting fair value estimates involve multiple parties, each operating under separate but interrelated standards. Over the past decade, there have been changes in fair value-related accounting standards and while there have been advances in appraisal practice, there has also been increased attention to related auditing deficiencies. While fair value estimates provide investors with greater transparency in financial statements, additional procedures are required for financial statement audits. In this Valuation Brief, we discuss some of the roles, interactions, and common issues encountered in the overall financial reporting fair value process among appraisers, management, and auditors.