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Auditors will start listing, describing critical audit matters in 2019

Tammy Whitehouse | November 7, 2017

Corporate hopes for curtailment of a new auditor reporting model have been dashed, dispatching auditors to begin expanding their audit reports to describe where they had the most difficulty in each public company audit.

Despite appeals to reconsider an auditing standard developed and approved by the Public Company Accounting Oversight Board, the Securities and Exchange Commission endorsed the standard, putting it into effect with the end of the 2017 reporting year. The standard requires auditors to change some of the standard boilerplate language of the traditional audit report, but it also requires them to begin making some potentially lengthy new disclosures about where they had the most difficulty with each audit.

Beginning with 2017 year-end audits, the new audit report will contain some additional language that tells...

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