The Public Company Accounting Oversight Board’s recently proposed rules on auditing accounting estimates and using the work of specialists indicate the PCAOB wants auditors to view management bias more skeptically.
At a meeting earlier this month, the PCAOB issued a pair of proposals to strengthen its requirements for an auditor’s use of the work of specialists, and for auditing accounting estimates such as fair value measurements (see PCAOB proposes new requirements for use of specialists and accounting estimates). The proposals were issued the same day the board approved its long-awaited standard for changing the auditor’s reporting model to provide more information on critical audit matters (see PCAOB makes major changes to auditor’s report). While the new audit reporting standard is garnering more attention, the new proposals could also have a big impact on auditing firms and the work they do for public companies.
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