For example, an actuary who measures pension plan liabilities according to professionally proscribed actuarial standards may pose relatively less risk to an audit. The risks of a material misstatement arising from an auditor’s use of the work of specialists varies according to the type of specialist and the subject matter. The retirement savings of America’s working families depend, in part, on companies having reliably audited financial statements. Union members also participate directly in the capital markets as individual investors and as participants in pension plans sponsored by corporate and public-sector employers. Union-sponsored and Taft-Hartley pension plans hold $587 billion in assets. labor unions, including 56 unions, representing 12.5 million union members. The AFL-CIO is the umbrella federation for U.S. The AFL-CIO commends the efforts by the PCAOB to consider improvements to its standards for auditors’ use of the work of specialists in conducting audits of public companies. On behalf of the American Federation of Labor and Congress of Industrial Organizations (“AFL-CIO”), I appreciate the opportunity to comment on the Public Company Accounting Oversight Board (“PCAOB”) Staff Consultation Paper on the Auditor’s Use of the Work of Specialists dated May 28, 2015. 2015-1 on the Auditor’s Use of the Work of Specialists Public Company Accounting Oversight Board
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