Critical Audit Matters
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ArticleAuditors 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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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
Changes to PCAOB inspections will begin in 2019
A new approach to audit inspections will begin in 2019, with changes intended to focus on prevention and deterrence, new PCAOB chairman says.
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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
PCAOB issues more guidance on new audit disclosures
The PCAOB has issued more guidance to auditors about how they should comply with requirements to add new information to audit reports.
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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
Auditor tenure is ‘reference point,’ SEC's Bricker says
Auditor tenures are beginning to appear in public company filings, giving investors new insight into how embedded firms are at their various public company clients.
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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.
