In a recent publication, the Public Company Accounting Oversight Board (“PCAOB”) Staff shares some initial observations regarding Critical Audit Matters (“CAMs”) implementation.
The Staff commented on the significant investment of resources devoted to identification of the CAMs, drafting of the CAMs descriptions, which began months prior to the fiscal year end, the involvement of the national office teams with subject matter expertise in identifying the CAMs and in the drafting process, and the interactions with audit committees. The Spotlight (available here) includes some statistics:
