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CAMs are coming, and companies should warn investors

Tammy Whitehouse | April 4, 2019

Companies whose audit reports are about to get a lot longer would be wise to give financial statement users some advance communication and education to head off any knee-jerk reactions.

That’s the advice from experts in the trenches who are preparing for critical audit matters, or CAMs, to begin appearing in audit reports this summer. Large accelerated filers with a June 30 fiscal year end will be the first to see their audit reports expanded with new auditor disclosures regarding what proved most difficult during the audit.

The Public Company Accounting Oversight Board approved a new auditing standard in June 2017 that revises and expands the standard audit report. “This is the most significant change to auditor reporting in 70 years,” said David Kane, Americas vice chair at EY, during a recent Webcast hosted by the Center for Audit Quality. “It’s a huge undertaking for the profession, and it also...

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