PCAOB Issues Staff Guidance on Auditing Estimates and the Work of Specialists

The PCAOB has issued four staff guidance documents on the Board’s new requirements related to auditing estimates and the work of specialists, which are effective for financial statement audits for fiscal years ending after December 15, 2020.

The staff guidance highlights “aspects of the new standard and enhancements made to integrate the Board’s risk assessment requirements when auditing accounting estimates, including fair value measurements . . . [and] aspects of new requirements that apply when auditors use the work of specialists in an audit and when an auditor uses the work of a company specialist as audit evidence.”

For more information, see the press release on the PCAOB’s Web site.