PCAOB Issues Report on Requirements Related to Estimates and Specialists

The PCAOB staff has issued a report, Audit Committee Resource — New PCAOB Requirements Regarding Auditing Estimates and Use of Specialists. The report discusses requirements related to “(1) auditing accounting estimates, including fair value measurements, and (2) using the work of specialists will take effect for audits of fiscal years ending on or after December 15, 2020.”