Last week, the Public Company Accounting Oversight Board
published new staff guidance to support implementation of the
impending critical audit matters (CAMs) disclosure requirements,
which first become effective later this year for audits of fiscal
years ending on or after June 30, 2019, for large accelerated
filers. (See our
July 25, 2018 and
October 30, 2017 posts)
The new "Implementation of Critical Audit Matters"
guidance consists of three separate documents (a) The Basics, (b) Staff Observations from Review of Audit
Methodologies, and (c) A Deeper Dive on the Determination of CAMs
(the "Guidance"). "The Basics" document
succinctly outlines the basic elements of what constitutes a CAM
and the related disclosure requirements, while the latter two
documents offer a more granular perspective on specific
implementation issues. These documents expand the PCAOB's
current set of resources related to recent and upcoming changes to
the auditor's report, which are
