In October 2017, the SEC approved
the PCAOB's
new auditing standard for the auditor's report, AS 3101,
The Auditor's Report on an Audit of Financial Statements
When the Auditor Expresses an Unqualified Opinion, which will
require auditors to include a discussion of "critical audit
matters." Given that, for larger companies, CAM disclosure is
almost right around the corner, the Center for Audit Quality has
made available this new resource,
Critical Audit Matters: Key Concepts and FAQs for Audit Committees,
Investors, and Other Users of Financial Statements, to
help audit committees, investors and other users of financial
statements to better understand the concept of CAMs.
Remember that CAM disclosure is being phased in: the requirement
will apply to audits of large accelerated filers for fiscal years
ending on or after June 30, 2019, and to audits of all other
companies to which the requirements apply for fiscal years ending
on or after December 15, 2020. Note
