PCAOB posts resource for audit committees regarding new requirements related to estimates and specialists

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Nov 12, 2020

On November 12, 2020, the Public Company Accounting Oversight Board’s (PCAOB) released a resource for audit committees on their new requirements related to auditing accounting estimates, including fair value measurements, and using the work of specialists. The requirements will take effect for audits of financial statements for fiscal years ending on or after December 15, 2020.

To help audit committees enhance their understanding in this area, this resource provides the basics of the new requirements, key takeaways for audit committees, and questions to consider asking auditors.

Review the resource on the PCAOB's website.

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