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Proposed rules would shore up auditing of estimates

Tammy Whitehouse | June 27, 2017

The Public Company Accounting Oversight Board is proposing two new standards for auditors that focus on the audit of accounting estimates, one on fair-value measurements and the other on the auditor’s reliance on the work of specialists. Both proposals have been in development for a number of years, even as the board’s inspectors have already been giving auditors grief on those areas through its inspection process and staff members have issued guidance to streamline practice.

“It’s a little bit of the standards catching up to what best practices are,”... To get the full story, subscribe now.