Fair Value Concept Release Coming By Year-End, Practice Alert on Current Environment Likely Too, PCAOB Tells SAG

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By Edith Orenstein, FEI Financial Reporting Blog -
The Public Company Accounting Oversight Board intends to publish a Concept Release on fair value and use of specialists by the end of 2008, PCAOB staff told its Standing Advisory Group (SAG) yesterday. A Practice Alert will also likely be issued by year-end on Audit Considerations in the Current Economic Environment, based on discussion at the SAG meeting. Additional discussion at the SAG included the potential development and disclosure by audit firms of Audit Quality Indicators, and pros and cons of potentially requiring audit Engagement Partners to provide their personal signature on audit reports (vs. 'the firm's' signature as has traditionally been the practice in the U.S.) Read more details from the SAG meeting here.

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