The AICPA Auditing Standards Board (ASB) recently proposed a standard that would provide practitioners with more guidance on auditing management’s estimates of the fair value of financial instruments, including on the use of pricing services.
The ASB’s proposed standard would provide guidance related to the use of specialists and pricing information obtained from external sources. If finalized, the standard would amend Statement on Auditing Standards Nos. 122 and 143.
Comments on the proposal are due Feb. 4. Learn more.