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ARTICLE · 21 JUNE 2017

PCAOB Adoption of Enhanced Auditor's Reporting Model

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On June 1, 2017, the Public Accounting Oversight Board (PCAOB) adopted Auditing Standard No. 3101...

United StatesAccounting and Audit
Scott Lesmes
Scott Lesmes
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Summary

On June 1, 2017, the Public Accounting Oversight Board (PCAOB) adopted Auditing Standard No. 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, which the PCAOB believes will increase the relevance and utility of auditors' reports by including additional information regarding the audit process, and other disclosures. Most significantly, the new standard requires inclusion in the audit report of a discussion of critical audit matters (CAMs) identified in the course of the audit. The new standard also contains an auditor tenure disclosure requirement and standardizes the format of the report, among other changes. The new standard retains the pass/fail opinion of the existing auditor's report.

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