PCAOB proposes amendments

Changes are sought for auditing accounting estimates and use of the work of specialists.

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.

SPONSORED REPORT

Tax reform changes are now in effect

With all the recent tax law changes, this year it’s more important than ever to make sure your clients’ tax situations are squared away before year end. This report provides necessary guidance to ensure 2019 starts without a hitch.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.