In addition to providing an overview for the uninitiated, Deloitte's "What to expect from auditor reporting of critical audit matters" identifies and discusses some of the most significant concerns and challenges among companies and auditors relating to the impending auditor report CAMs disclosure - including:
- Alignment of the company's and auditor's disclosures in those cases where the auditor may determine that additional disclosure is necessary to describe the principal considerations that led the auditor to determine that a matter is a CAM
- Investor and analyst perceptions and understanding of the implications of CAMs disclosure vis-à-vis the overall auditor opinion and report
- Comparability (or the lack thereof) of CAMs across industries and companies
The informative report includes questions for boards to consider that touch on each of these areas.
See our recent report: "PCAOB Issues CAM Implementation Guidance," and additional information & resources on our PCAOB, Auditing & Audit Firms and Audit Committees pages.
This post first appeared in the weekly Society Alert!