Deficiencies in auditing fair value measurements were identified in 44% of the audits reviewed by the PCAOB, according to its recently released annual report on its interim inspection program for auditors of brokers and dealers. During 2016, the PCAOB plans to perform inspections of 75 firms covering portions of approximately 115 audits and the related attestation engagements. This is part of an interim inspection program, but the PCAOB may make it permanent.
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