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PCAOB Preps New Standard on Auditing Fair Value, Other Estimates

Tammy Whitehouse | August 20, 2014

Audit regulators are in the early stages of deciding whether to write new rules for how to audit fair value measurements and other accounting estimates that underpin financial statement assertions.

Under the direction of Chief Auditor Martin Baumann, staff at the Public Company Accounting Oversight Board has indicated they are working on a recommendation for a new comprehensive standard for auditing accounting estimates and fair value measurements that would promote more consistent, effective auditing across the profession. The staff is contemplating a standard that would align with existing risk assessment standards and would retain certain substantive testing approaches in existing standards, but would establish more specific audit requirements, especially related to the use of third-party specialists.

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