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Auditors get new disclosure requirements sure to expand audits

Tammy Whitehouse | June 2, 2017

Auditors have just been handed extensive new disclosure requirements to be included in audit reports that are largely expected to make public company audits take more time and cost more money.

The Public Company Accounting Oversight Board has adopted a long-awaited new standard that overhauls the standard audit report to require auditors to make new narrative disclosures regarding what troubled them most during any given audit. The standard requires auditors to identify and describe “critical audit matters,” or those issues that led to the most heartburn in arriving at a final audit opinion.

Officially, a CAM is described as any matter that was communicated to the audit committee, or was required to be communicated, relating to material...

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