PCAOB Releases Spotlight Report on Using the Work of Specialists

The PCAOB has released a spotlight report that highlights considerations related to using the work of specialists in public-company and broker-dealer audits. The report notes that specialists are increasingly being used by (1) companies to develop accounting estimates and (2) auditors to develop and obtain audit evidence. Given this “rise in the frequency and significance of the use of the work of specialists,” the PCAOB is publishing the report in an effort to ensure that audit firms follow “appropriate procedures” in using their work.

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