CII offers support for PCAOB’s auditing estimate and specialist use proposals

By Amy Leisinger, J.D. The Council of Institutional Investors has submitted comments to the SEC in support of the Public Company Accounting Oversight Board’s proposed rules on auditing accounting estimates and amendments to auditing standards for auditor’s use of the work of specialists. CII noted that auditors and other financial “gatekeepers” play a vital role in ensuring the integrity and stability of the markets and investor well-being and that the quality and reliability of information provided by audited financial statements depends directly on the quality of the standards used by auditors to ensure proper disclosures. Proposals. In December 2018, the PCAOB unanimously approved standards on auditing accounting estimates and the auditor’s use of the work of specialists. The new standard on the auditing of accounting estimates, including fair value measurements, emphasizes the need to apply professional skepticism when auditing accounting…

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