PCAOB updates its 2012 standard-setting agenda

This week the Public Company Accounting Oversight Board posted its newly updated Standard-Setting Agenda, which outlines milestones on various standard-setting projects. Of particular note, the PCAOB plans to issue a proposal on auditing “Specialists” for public comment in the third quarter of this year, with a final proposal (or a re-proposal) due by the second half of 2013. In its agenda overview, the PCAOB notes that the specialists project arose from “issues identified during the inspection of accounting firms, lessons learned from the economic crisis, and comments received from members of SAG,” the PCAOB’s Standing Advisory Group. For more on SAG’s project on using the work of a specialist in auditing fair value measurements, see the original 2009 announcement.