United States:
PCAOB Issues Guidance On Implementation Of Critical Audit Requirements
01 April 2019
Cadwalader, Wickersham & Taft LLP
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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."
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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