Post-Implementation Review of AS 2501, Auditing Accounting Estimates, Including Fair Value Measurements; Amendments to Auditing Standards for Auditor’s Use of the Work of Specialists

The staff of the PCAOB’s Office of Economic and Risk Analysis is conducting economic analysis to assess the initial implementation of new requirements for auditing accounting estimates and using the work of specialists as audit evidence. To inform the analysis, the staff is analyzing relevant data, conducting surveys, and interviewing stakeholders. The staff has also issued a public request for comment to collect information on initial experiences with the new requirements. 

The PCAOB expects to produce a report in 2022 to communicate findings and perspectives on the initial impact of the new requirements.

Because some of the effects of the new requirements may take several years to fully manifest or stabilize, after a reasonable period of time, the PCAOB will conduct a full post-implementation review. The staff will reevaluate the costs and benefits of the new requirements, including any unintended consequences, to understand the overall impact on the audit profession, public companies, and users of financial statements.

Further information on the implementation of the new requirements for auditing accounting estimates and using the work of specialists as audit evidence is available in the Standards section of this website.

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