PCAOB Posts Resources for Auditors on Implementation of New Auditing Standards

The Public Company Accounting Oversight Board (PCAOB) has posted additional resources for auditors as they begin to implement new requirements on Auditing Accounting Estimates, Including Fair Value Measurements and on Auditor's Use of the Work of Specialists.

Providing useful, timely, and accessible information is a key objective of the Board's strategic plan. The new materials, along with other previously posted staff guidance, aim to assist auditors ahead of the implementation of these standards.

Resources that may be useful to auditors as they begin to implement new requirements include:

• Staff Presentation on Auditing Accounting Estimates, Including Fair Value Measurements [New]. This presentation provides an overview of the new standard on auditing estimates and highlights key aspects of the new requirements. 
• Staff Presentation on Auditor's Use of the Work of Specialists [New]. This presentation describes amended requirements for an auditor’s use of the work of a company's specialists as audit evidence and using the work of an auditor's specialist.
• Staff Guide to Accessing Amended Estimates and Specialists Standards [New]. This document(PDF) is intended to assist auditors and others in navigating the PCAOB's website to access the amended versions of the related PCAOB auditing standards and auditing interpretations. It provides users with an overview of the amended standards, a tutorial on how to navigate to the new standards on the PCAOB website, and links to the implementation pages for Auditing Accounting Estimates, Including Fair Value Measurements and Auditor's Use of the Work of Specialists.
• Staff Guidance on Auditing Accounting Estimates. This publication(PDF) illustrates relevant considerations for certain key areas of the revised standard, including certain information from the adopting release.
• Staff Guidance on Auditing the Fair Value of Financial Instruments. This publication(PDF) illustrates relevant considerations for auditing the fair value of financial instruments, especially when pricing information from pricing services, brokers and dealers, and other third party sources is used, including certain information from the adopting release.
• Staff Guidance on Supervising or Using the Work of an Auditor's Specialist. This publication(PDF) illustrates relevant considerations for the auditor when supervising the work of an auditor-employed specialist or using the work of an auditor-engaged specialist, including certain information from the adopting release.
• Staff Guidance on Using the Work of a Company's Specialist. This publication(PDF) illustrates relevant considerations for the auditor when evaluating the work of a company's specialist including certain information from the adopting release.

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed pursuant to federal securities laws.