All Critical Audit Matters articles
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ArticleCAQ 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
PCAOB seeks more practitioner input on CAMs
The Public Company Accounting Oversight Board is seeking practitioner comment on Critical Audit Matter requirements, part of the agency’s strategic plan to solicit more input from stakeholders.
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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
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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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.
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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
SEC approves new audit report format, CAMs and all
In an investor-friendly decision that deputizes auditors with new duties, the SEC has approved to a new rule expanding the public company audit report.
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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.
