PCAOB Announces the Agenda and Panelists for the October 2 Standing Advisory Group Meeting on Auditing Accounting Estimates and Fair Value Measurements
The Public Company Accounting Oversight Board today announced the agenda and panelists for the October 2 meeting of its Standing Advisory Group to discuss the potential need for changes to PCAOB standards for auditing accounting estimates and fair value measurements.
On August 19, the PCAOB issued for comment a Staff Consultation Paper on standard-setting considerations for auditing accounting estimates and fair value measurements and announced the October 2 SAG meeting.
The SAG meeting agenda includes panel discussions offering unique perspectives on the potential need for changes to the standards for auditing estimates and fair value measurements.
The panels invite discussion not only on challenges accounting estimates and fair value measurements pose for auditors, but also on audit committee and investor perspectives, and observations from academic research.
The discussion also will include developments in the accounting rules and valuation practices that affect auditing in this area. Panelists include investors, auditors, academics, valuation experts and other standard setters.
The staff paper and SAG meeting are part of outreach efforts by the Office of the Chief Auditor to seek public input into whether PCAOB standards need to be updated. PCAOB inspections, and inspections by other audit regulators around the world, continue to find significant audit deficiencies across various types of estimates.
"Accounting estimates, including fair value measurements, are critical components of many public company financial statements. The staff's outreach efforts are instrumental in determining a possible approach for a new auditing standard in this important area," said Martin F. Baumann, Chief Auditor and Director of Professional Standards.
"We are excited to have such notable panelists, along with our distinguished SAG members, contributing their expert views to this important topic," he added.
The SAG meeting, which is open to the public, will be held at 1825 Connecticut Avenue NW, Washington, DC. The meeting also will be available via webcast on the PCAOB website.
The SAG includes investors, auditors, public company executives, and others. The group is chaired by Mr. Baumann.
More information is available on the Standing Advisory Group page on the PCAOB website.