To the Point - PCAOB adopts new standard on estimates and amends standards on using the work of specialists

10 Jan 2019 PDF
Subject AccountingLink
Publications To the Point

Overview

The PCAOB adopted a new standard that expands requirements for auditing accounting estimates, including fair value measurements. The PCAOB also amended its standards to strengthen the requirements for evaluating the work of a company’s specialist and applying a risk-based approach to supervising specialists employed or engaged by the auditor and evaluating their work. The standards are subject to SEC approval and would be effective for audits of financial statements for periods ending on or after 15 December 2020.

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