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Ideas for Guidance on Auditing Estimates Draw Mixed Reviews

Tammy Whitehouse | November 26, 2014

The Public Company Accounting Oversight Board is getting mixed feedback on its initial ideas for revising guidance on auditing fair value measurements and accounting estimates.

The PCAOB has received nearly 40 letter commenting on the staff's consultation paper on auditing accounting estimates and fair value measurement, said associate chief auditor Barbara Vanich, in a recent presentation to the PCAOB’s Standing Advisory Group. “Many of the comment letters were very supportive of outreach efforts made through the paper and applauded the effort,” she said. “A few organizations didn’t believe we should change the existing standards, but overall people thought it was good that we were examining them.”

While most were supportive of the board’s efforts, “many of the...

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