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Tweedie commences PCAOB role

Former International Accounting Standards Board (IASB) chairman David Tweedie has started a three-year tenure as a member of the Standing Advisory Group (SAG) of the Public Company Accounting Oversight Board (PCAOB).

Tweedie's term as SAG member began 1 January and will run until 2016.

In 2011 after ten years at the helm of the IASB, Tweedie took on the role as president of the Institute of Chartered Accountants of Scotland for 2012 after which he was appointed chairman of the International Valuation Standards Council (IVSC), a standards setter for the reporting and disclosure of valuations used in financial statements. Tweedie will still act as IVSC chairman.

Commenting on his appointment at the PCAOB, Tweedie said there are currently an increasing number of companies whose balance sheets reflect valuation estimates instead of solid numbers.

"The valuation process used by management, and the auditor's review thereof, has had to evolve with management ultimately relying increasingly on outside valuation specialists, requiring auditors to gain a better understanding of the assumptions and methodologies employed by these specialists," he said.

The IVSC welcomed the appointment of Tweedie and noted the PCAOB inspection reports show the difficulty of auditing areas that are closely linked to the valuation profession.

"One of the most frequently identified findings from PCAOB inspection reports are instances where auditors appear not to have complied with PCAOB auditing standards relating to fair value measurements of financial instruments, impairment of goodwill, indefinite-lived intangible assets, and other long-lived assets. The frequency with which these issues are encountered demonstrate how difficult it is to audit these areas," the IVSC said.

The SAG comprises 42 members who meet from two to three times a year to advise the PCAOB on the development of audit standards.

Tweedie added he looked forward to help make sure that the process by which valuations are established and audited can be trusted.


Related links

The Public Company Accounting Oversight Board

The International Valuation Standards Council

 

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