Critical Audit Matters

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

At the recent 2019 AICPA Conference on Current SEC and PCAOB Developments, representatives of the SEC provided updates on a number of emerging issues, including implementation of the critical audit matters (“CAMs”) requirement.  A representative of the Office of Chief Accountant noted that CAMs are intended to “provide audit-specific insights not previously communicated regarding matters