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CAMs may drive more management disclosure, dry runs reveal

Tammy Whitehouse | December 10, 2018

A pending requirement for auditors to list and describe critical audit matters in their reports may compel management to take a closer look at their own disclosures.

Auditors are learning a lot through dry runs of the requirement for auditors to disclose the critical matters they identify in each audit, said Marc Panucci, deputy chief accountant at the Securities and Exchange Commission, at a national conference of the American Institute of Certified Public Accountants. The CAM disclosure is the final piece of a new auditor’s reporting model taking effect with June 30 year-end reports for large accelerated filers.

Auditors are required to identify and explain those areas of the audit that proved most difficult because they involved especially complex or subjective auditor judgment. The earliest disclosures will begin appearing in filings in July 2019. In a phased approach to...

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