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PCAOB Considers Audit Guidance in Market Turbulence

Tammy Whitehouse | October 27, 2008

Audit regulators are thinking hard about whether they need to provide some guidance to auditors on where to pay close attention to audit work given extraordinary market conditions.

In a meeting with its Standing Advisory Group last week, the staff of the Public Company Accounting Oversight Board sounded off on a list of audit issues where it may be considering some new guidance— measuring fair value, credit default swaps, derivatives, allowances for loan losses, and other-than-temporary impairment, to name a few. Those are the hot-button issues raising blood pressures as companies, and especially financial institutions, wrestle with how to account for unprecedented chaos in financial markets.

Members of the SAG offered the staff a few more audit issues to consider exploring more closely. “There are...

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