Tag: PCAOB guidance

New PCAOB guidance on auditor communications regarding CAMs

The PCAOB has just published new guidance on auditors’ communication of critical audit matters in the auditor’s report.  The guidance includes some new FAQs related to how auditors should describe their principal considerations in determining CAMs, how they should describe audit procedures and the outcome of audit procedures, as well as the relationship between CAMs and company disclosures and the treatment of recurring CAMs.  While the FAQs are intended for auditors, they can provide some insight for company management into the process and the resulting auditor communications.