PCAOB proposes amendments

The PCAOB proposed amendments to its standards for auditing accounting estimates and fair value measurements, and for the auditor’s use of the work of specialists.

The accounting estimates and fair value proposal would replace three existing standards with a single, updated standard. The proposal is designed to strengthen auditing practices, update the standards in light of recent developments, and provide a more uniform, risk-based approach to these areas.

The proposal on the use of specialists would be designed to strengthen the requirements for evaluating the work of a company’s employed or engaged specialists. Meanwhile, the work of specialists employed or engaged by auditors would be subject to application of a risk-based supervisory approach.

Comments can be submitted through the board’s website by Aug. 30.