The AICPA Auditing Standards Board issued a standard Tuesday, June 8, that provides guidance on the use of specialists and pricing information obtained from external information sources.
The board included the guidance in Statement on Auditing Standards (SAS) No. 144. The SAS provides guidance in AU-C Section 501 when management uses the work of a specialist in developing accounting estimates.
The standard responds to feedback that sought more guidance on auditing the fair value of financial instruments. Read more.