Audit regulators have issued four new pieces of guidance for auditors about how to comply with a new standard on auditing estimates as well as new rules on supervising and relying on the work of specialists.
In separate releases, the staff of the Public Company Accounting Oversight Board pays special attention not only to new requirements on how to audit estimates, but also how to audit the fair value of financial instruments, how to supervise or use the work of a specialist engaged by the auditor, and how to use the work of a specialist working on behalf of the company.
