A going concern modification is the expressed uncertainty that a company is unable to continue in the near future. Generally speaking, this uncertainty relates to whether the company will exist for another 12 months. Audit Analytics recently started collecting going … Continue reading
Category Archives: Audit Opinions
What Investors Need to Know About Audits
On Monday, November 4, 2019, the CFA Society of New York hosted What Investors Need to Know About Audits, a forum that focused on the state of today’s audit process, how it has and continues to change over time, and … Continue reading
Auditor Tenure Disclosure
The requirement to disclose tenure became effective for audits of fiscal years ending on or after December 15, 2017. PCAOB Auditing Standard 3101 – The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses and Unqualified Opinion … Continue reading
Changes in KAM Count
We recently analyzed the frequency in which key audit matters (KAMs) were disclosed in 2017 and 2018. In this post, we take a closer look at the changes in the number of KAMs disclosed by companies during the same time … Continue reading
Microsoft Discloses Critical Audit Matters
Microsoft Corporation [MSFT] filed its annual report on August 1, 2019, and, in addition to the wealth of information provided in the 10-K, we came across one of the first disclosures of critical audit matters from a large accelerated filer.1 … Continue reading
Frequency of KAMs
Fiscal year 2017 marks the first full year that Key Audit Matter (KAM) disclosures were required in all EU member states.1 In this analysis, we look at KAM disclosures from the audit opinions of approximately 1,400 companies listed on European … Continue reading
KAMs Enter as the UK Exits
The United Kingdom’s pending exit from the European Union has been a cause of extreme uncertainty, both geopolitically and economically. Given the potential magnitude of the event, and considering London’s place as a center of global finance and industry, there … Continue reading