The disclosure of Critical Audit Matters (CAMs), as required by AS 3101, became effective for large accelerated SEC filers with fiscal years ending on or after June 30, 2019. The European counterpart – Key Audit Matters (KAMs) – have been required … Continue reading
Annual LSE Auditor Changes
There were 141 audit firm departures in 2018 from companies listed on the London Stock Exchange, including the Alternative Investment Market (AIM). BDO, with a net of 20 new audit clients, accounts for the most new clients among all audit … Continue reading
Q3 2019 IPOs: Auditor Market Share and Stats
Overview There were 53 initial public offerings in U.S. markets between July 1, 2019, and September 30, 2019. These IPOs raised over $13 billion for the quarter, a decrease of roughly $19 billion from last quarter and a decrease of … Continue reading
Goodwill and Intangible Asset Impairments in S&P 500
In July 2019, the Financial Accounting Standards Board (FASB) issued an invitation to comment on identifiable intangible assets acquired in a business combination and the subsequent accounting for goodwill with the intention of determining if there is a cost benefit … Continue reading
SOX 404 Disclosures: A Fifteen Year Review
The Sarbanes-Oxley Act of 2002 was passed by Congress to better protect investors. Section 404 of this act (SOX 404) requires companies to review their internal controls over financial reporting (ICFR) and declare whether they are “effective” or “ineffective”. In … Continue reading
The History of Critical Audit Matters
The implementation of PCAOB Auditing Standard 3101 (AS 3101): The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, adopted on June 1, 2017, makes significant changes to the auditor’s opinion. Among the new requirements is … Continue reading
What Can We Learn About CAMs from KAMs?
In the United States, audit firms of large accelerated filers with fiscal years ending on or after June 30, 2019 are required to disclose Critical Audit Matters (CAMs) in their audit reports. For 53 of these large accelerated filers that … Continue reading