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PCAOB preps final rule on audit report, proposal on estimates

Tammy Whitehouse | May 24, 2017

Audit regulators are preparing to issue a final new standard to overhaul the audit report and to propose new rules to beef up audit requirements for accounting estimates and using the work of specialists.

The Public Company Accounting Oversight Board has scheduled an open meeting for Thursday, June 1, to “consider adopting a standard” that will give auditors new requirements to provide new information in the standard audit report. The board says its agenda also includes considering “proposing amendments to standards that would strengthen and enhance requirements for auditing accounting estimates, including fair value measurements, and using the work of specialists in an audit.”

The PCAOB first floated the idea of a new audit report in 2011 with a concept release that explored a number of possible ways to give investors...

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