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PCAOB floats new rules for auditing estimates, specialists’ work

Tammy Whitehouse | June 4, 2017

Audit regulators have proposed two new standards to beef up requirements for auditors as they scrutnize accounting estimates and the contributions of specialists whose work is critical to financial statement assertions.

The Public Company Accounting Oversight Board issued a newly proposed auditing standard that would emphasize auditors are expected to apply professional skepticism and greater attention to the potential for management bias when auditing accounting estimates. The PCAOB has been saying as much for the past several years through its inspections of audit firms, with reports commonly noting auditors fail in a number of ways to adequately question management estimates.

Accounting estimates are...

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