The AICPA’s Auditing Standards Board has issued proposed targeted improvements to guidance on the use of specialists and external pricing sources. The proposal incorporates some PCAOB guidance and provides additional application guidance for AU-C 501, 540 and 620.
Comments are due Feb. 4, 2021, and should be submitted in Word format to CommentLetters@aicpa-cima.com.
Exposure Draft: “Proposed Statement on Auditing Standards Amendments to AU-C Sections501, 540 and 620 Related to the Use of Specialists and the Use of Pricing Information Obtained from External Information Sources” (Nov. 4, 2020) https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/accountingandauditing/downloadabledocuments/20201104a/20201104a-specialists-pricing-ed.pdf
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With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
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