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SEC seeks comment on PCAOB’s ‘critical audit matter’ rule

Tammy Whitehouse | July 31, 2017

Companies with any lingering worries about the impending effects of a new audit report have one last opportunity to appeal for change.

The Securities and Exchange Commission has posted for public review and comment the final rule adopted by the Public Company Accounting Oversight Board overhauling the standard audit report. The centerpiece of the new rule, which must be approved by the SEC before it can become effective, is a requirement for auditors to list and describe “critical audit matters” that arose during the course of the audit.

The new rule defines CAMs as: