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ARTICLE · 01 AUGUST 2018

CAQ Releases New Tool For Upcoming CAMs Disclosure

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Earlier this week, the Center for Audit Quality released Critical Audit Matters: Key Concepts and FAQs for Audit Committees, Investors, and Other Users of Financial Statements.

United StatesAccounting and Audit
Alan Wilson
Alan Wilson
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Earlier this week, the Center for Audit Quality released Critical Audit Matters: Key Concepts and FAQs for Audit Committees, Investors, and Other Users of Financial Statements. The tool builds upon the CAQ's December 2017 tool, which was designed to assist audit committees navigate the new auditor's reporting model. (See our prior post) Among the changes to the auditor's report that were adopted as part of the new auditor's reporting model (see our prior post), the upcoming requirement for auditors to communicate critical audit matters (CAMs) in the audit report is the most significant, and the new CAQ tool provides a useful summary for understanding the new CAMs disclosure.

Hewing closely to the PCAOB's adopting release for the new auditor's reporting model, the new tool describes the basic CAMs disclosure requirements, the placement of CAMs disclosure in the audit report, and the various principles-based considerations that auditors may undertake to prepare CAMs

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