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PCAOB Issues Guidance on Implementation of Critical Audit Requirements

The Public Company Accounting Oversight Board ("PCAOB") issued guidance to support the implementation of new critical audit matter ("CAM") requirements. The PCAOB staff guidance includes three documents: (i) "Implementation of Critical Audit Matters - The Basics," (ii) "Staff Observations from Review of Audit Methodologies" and (iii) Implementation of Critical Audit Matters - Deeper Dive on Determination of CAMs. PCAOB stated that "these documents primarily offer insights for auditors, [however] the high-level overview — “The Basics” — may also be of interest to preparers, audit committees, and investors."

Primary Sources

  1. PCAOB Press Release: PCAOB Staff Provides Guidance in Advance of CAM Effective Dates
  2. PCAOB Staff Guidance: Implementation of Critical Audit Matters - The Basics
  3. PCAOB Staff Guidance: Implementation of Critical Audit Matters - Staff Observations from Review of Audit Methodologies
  4. PCAOB Staff Guidance: Implementation of Critical Audit Matters - Deeper Dive on Determination of CAMs

Tags

Regulated Activities
Accounting and Audit
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
Accounting Bodies SEC