All CAMs articles
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ArticlePCAOB 2020 inspections preview: Deficiencies still high, although some improvements
The Public Company Accounting Oversight Board noted a high number of recurring deficiencies in its audits reviewed despite improvements over the previous year as part of its 2020 inspection observations spotlight.
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Article
Study: Financial services leads way in COVID-related CAMs
More than a quarter of companies citing COVID-19 in their critical audit matters filed with the PCAOB are part of the financial services industry, according to research from Audit Analytics.
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Article
CAQ review: Little surprises in Year 1 of CAM reporting
The Center for Audit Quality released its review of the first year of auditor reports for over 2,000 large accelerated filers that included the PCAOB’s new critical audit matters requirements.
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Article
PCAOB reviews a year like no other, previews what lies ahead in 2021
PCAOB board members remark on changes at the organization amid the coronavirus pandemic, recent audit inspection findings, priorities for 2021, and more.
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Article
CAMs, coronavirus highlight audit committee transparency report
The 2020 Audit Committee Transparency Barometer, an annual report issued by the CAQ and Audit Analytics, explores new disclosure trends related to the coronavirus pandemic and critical audit matters.
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Article
Tip sheet: 2020 priorities for accounting and audit regulators
With the new year under way, we highlight some focus areas of accounting and audit regulators—SEC, PCAOB, and FASB—that should be top of mind for boards of directors.
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Article
PCAOB CAMs report: Goodwill, revenue recognition lead way
Goodwill and other intangible assets and revenue recognition are among the most frequently communicated critical audit matters, according to the Public Company Accounting Oversight Board’s first report on the new disclosure.
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Article
EY analysis: Audit committees increasing their disclosures to shareholders
Audit committees continue to increase the amount of disclosures they are providing to shareholders across a wide variety of categories, according to a recent analysis conducted by EY.
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Article
Auditors ID 1.8 CAMs per large accelerated filer, report says
Large accelerated filers saw an average of 1.8 issues called out as critical audit matters in their first round of reporting, according to a new analysis.
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Article
Deloitte names, describes two CAMs at Microsoft
Among the first to disclose critical audit matters, Microsoft’s auditor, Deloitte, identifies revenue recognition and uncertain tax positions as CAMs.
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Article
CAMs are coming, and companies should warn investors
Audit reports are about to get a lot longer, and companies would be wise to give financial statement users some advance warning to head off any knee-jerk reactions.
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Article
PCAOB advises auditors to expand view of CAMs
After reviewing implementation activity, the PCAOB is advising auditors to think a little more broadly about how they identify and describe CAMs.
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Blog post
CAMs may drive more management disclosure, dry runs reveal
A pending requirement for auditors to disclose critical audit matters in their reports may compel management to take a closer look at their own disclosures.
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Blog post
Report calls out gender disparity among engagement partners
As audit firms disclose who performs public company audits, gender diversity is emerging as the first major concern regarding audit engagement leadership.
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Blog post
CAQ: Control deficiencies not CAMs, but could be tied to one
A significant deficiency in internal control over financial reporting will not automatically constitute a critical audit matter that auditors will have to disclose under a new auditing standard, but it could suggest auditors will disclose a CAM related to the underlying accounting, said the Center for Audit Quality.
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Blog post
Reporting improves with KAM disclosures, study says
After a year of reporting “key audit matters” in audit reports abroad, financial reporting has improved, says a study by a global accounting group.
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Blog post
Auditors get guidance on altering audit report
Auditors have some new guidance from the PCAOB about how to begin revising their audit reports to reflect new requirements that take effect this year-end.
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Article
Auditors will start listing, describing critical audit matters in 2019
Auditors have been dispatched by the PCAOB and the SEC to begin listing and describing in audit reports where they had the most difficulty in each audit.
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Blog post
Board members wary of CAM disclosures in audit reports
Half of public company board members say critical audit matters will not make audit reports more useful to investors, but instead will make their jobs more difficult.
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Article
The classic post-scandal question to auditors: What happened in the black box?
When investors decry the black box of public company auditing, asking for more visibility, they’re referring to cases like KPMG’s audit work at Wells Fargo.
