The rise of the fair value accounting just before the recent financial crisis in 2007, which has been extensively criticised for exacerbating its negative effects, also suggests for its proponents, a response to the creation of a new, more relevant, accounting "reality". The fair value debate also re-initiated another old fundamental accounting issue, the trade-off between the two main objectives of the conceptual framework, both for FASB and IASB, with the idea of the implied subordination of stewardship (reliability and verifiability) to the decision-making/usefulness and informativeness objective (relevance) of financial statements, which has dichotomised the academic community. However, it also suggests a particular challenge for auditors beyond the technicalities of applying auditing standards, reaching the limits of auditability of financial statements, which has not been studied extensively by academic scholars so far. The auditor's primary role is to express an opinion on whether the financial statements give a true and fair view, i.e. the notion of auditability is strictly related to the opinion on the reliability of financial statements (Mautz & Sharaf, 1961) when the level of uncertainty of fair value measurement and accounting estimates is crucial and challenges the limits of independent testability (Power, 1996) in the auditing process.