The PCAOB has issued a new standard, AS 1210, Using the Work of an Auditor-Engaged Specialist (which replaces existing AS 1210, Using the Work of a Specialist) and amended two existing standards, AS 1105, Audit Evidence, and AS 1201, Supervision of the Audit Engagement. The new standard and the amendments cover how auditors use the work of company specialists, auditor-engaged specialists, and auditor-employed specialists in their audits. Companies should work with their auditors to understand current practices as well as the specific procedures and incremental effort the new standards will require for each audit.
Changes will be effective for audits of companies for periods ending on or after December 15, 2020 (2020 for calendar year audits).
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