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PCAOB Considers Standard on Using Specialists’ Work

Tammy Whitehouse | May 29, 2015

Audit regulators are looking for input on whether and how to revise standards around the auditor’s use of the work of specialists.

The Public Company Accounting Oversight Board has issued a staff consultation paper that explores possible changes in the standards, especially focusing on the objectivity and oversight of specialists whose work auditors might rely on in the course of their audits. Reliance on specialists -- such as valuation experts, appraisers, engineers, and actuaries, for example -- has increased in recent years, and their work has become more important to financial statement audits, in part because the reporting of business transactions has become increasingly complex.

The input of specialists is important to auditors in cutting through the complexity, said PCAOB Chairman James Doty in a prepared statement. “We want our standards to keep...

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