PCAOB Debuts New Series of Staff Publications Tailored to Auditors of Smaller Public Companies, With First Edition on CAMs

Today, the PCAOB released a staff publication, “Audit Focus: Critical Audit Matters.”

Audit Focus is a new series of PCAOB staff publications that aims to provide easy-to-digest information to auditors, especially those who audit smaller public companies. With an eye toward protecting investors and improving audit quality, each edition of Audit Focus reiterates applicable auditing standards and staff guidance and offers reminders and good practices tailored to PCAOB-registered auditors of smaller public companies.

PCAOB staff continues to identify a large number of deficiencies related to critical audit matters (CAMs). This edition of Audit Focus highlights:

• Key reminders on determination, communication, and documentation of CAMs.
• The staff’s perspectives on some of the common deficiencies, such as not accurately describing how a CAM was addressed in the audit.
• Good practices that the staff has observed related to CAMs, such as use of practice aids.

Visit the PCAOB’s Staff Publications page for more resources on the PCAOB's activities and observations. 

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About the PCAOB

The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and further the public interest in the preparation of informative, accurate, and independent audit reports. The PCAOB also oversees the audits of brokers and dealers registered with the Securities and Exchange Commission, including compliance reports filed pursuant to federal securities laws.