PCAOB Releases Fair Value Practice Alert

Submitted by Melissa Hoffmann on Wed, 04/29/2009 - 11:15

The Public Company Accounting Oversight Board is following the Financial Accounting Standards Board's fair value example with its release of a Staff Audit Practice Alert to inform auditors of public companies about potential implications related to the application of the three FASB pronoucements relaxing mark-to-market accounting rules, which are:

"The alert will be helpful to auditors as they conclude their work related to the first quarter of 2009 or prepare for the review of the second quarter and the audit of the financial statements, including the integrated audit," said Martin F. Baumann, chief auditor and director of professional standards at the PCAOB.

The alert discusses the following matters:

  1. Reviews of interim financial information
  2. Audits of financial statements, including integrated audits
  3. Disclosures
  4. Auditor reporting considerations
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