Critical audit matters (CAMs), as required by PCAOB Auditing Standard 3101 (AS 3101), took effect for audits of large accelerated filers with fiscal years ending on or after June 30, 2019, and on or after December 15, 2020 for all … Continue reading
Category Archives: Critical Audit Matters
A Spotlight on CAMs
Note: This post was updated to reflect the number of CAMs disclosed in the audit opinions of Large Accelerated Filers as of December 17, 2019. The Public Company Accounting Oversight Board (PCAOB) posted its first Spotlight yesterday, a publication highlighting … Continue reading
More to Discover with CAMs
Audit Analytics’ new Critical Audit Matters (CAMs) database makes it easier than ever to search, track, analyze, and understand CAMs. A CAM is any matter that the auditor communicated or was required to communicate to the company’s audit committee, and … Continue reading
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
An Update on Critical Audit Matters (CAMs)
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
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