Bloomberg Tax
Free Newsletter Sign Up
Login
BROWSE
Bloomberg Tax
Welcome
Login
Advanced Search Go
Free Newsletter Sign Up

U.S. Audit Board Releases Tips for Vetting External Data

Oct. 7, 2021, 4:11 PM

U.S. public company auditors should vet external data—from customer reviews to government-issued economic data—as thoroughly as any other information they may use in reviewing corporate financial statements, according to new guidance issued Thursday.

The Public Company Accounting Oversight Board issued staff guidance to help auditors decide whether such outside information is both reliable and relevant.

In the meantime, the board continues to research whether it should modernize its core standards for auditors gathering evidence to help determine whether corporate accounting is accurate and trustworthy.

  • Auditors increasingly rely on information pulled from sources other than the client, and ...