New PCAOB Standard Will Mean Big Changes in Audit Reports

June 2, 2017

On June 1, 2017, the U.S. Public Company Accounting Oversight Board (PCAOB) adopted a new standard that requires an auditor to include additional information in its report about the audit.

One feature of the new standard – the requirement to discuss critical audit matters or CAMs – will lead to an important change in disclosures about the financial statements of U.S. public companies.