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
- What questions do you have? Send your questions to firstname.lastname@example.org
- Tune in to the Galasso Learning Solutions SCACPA YouTube playlist here
- You can also click and subscribe to the SCACPA YouTube channel here
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa will be a speaker on audit topics at SCACPA’s 2020 Virtual Fall Fest. She also takes part in many SCACPA seminars and rebroadcasts.
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.
Read the Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy