PCAOB Proposes Standards on Auditing Accounting Estimates, Auditor's Use of Specialists

By Randi Morrison posted 06-02-2017 01:25 PM

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Yesterday, in addition to adopting a new expanded auditor's report standard (which we reported on in the Society Alert here), the PCAOB issued these two proposals for public comment: Proposed AS - Auditing Accounting Estimates, Including Fair Value Measurements and Proposed Amendments to Auditing Standards for Auditor's Use of the Work of Specialists. See the PCAOB's press releases (here and here) and Fact Sheets (here and here) for each of the Auditing Accounting Estimates and Auditor's Use of the Work of Specialists proposals, respectively.

The comment deadline for both proposals is August 30th. Comments on the Accounting Estimates proposal may be submitted here, and comments on the Use of Specialists proposal may be submitted here.

See this new post from Davis Polk and Society member Ning Chiu on the expanded auditor report standard (structured as a reader-friendly note to audit committee members), and numerous additional resources on our Auditing & Audit Firms topical page.

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