PCAOB staff issues audit practice alert on fair value

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11 Dec 2007

The US Public Company Accounting Oversight Board (PCAOB) has published a Staff Audit Practice Alert on the audit of fair value measurements in financial statements.

The alert provides auditors with additional information related to auditing fair value measurements and disclosures, as well as the use of specialists in this area.

The PCAOB's release Matters Related to Auditing Fair Value Measurements of Financial Instruments and the Use of Specialists highlights certain matters in four areas:

  • Auditing fair value measurements;
  • Classification of fair value measurements within the fair value hierarchy established by SFAS 157;
  • The use of specialists in fair value measurements; and
  • The use of pricing services in fair value measurements
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