PCAOB Posts Staff Guidance: A Deeper Dive on the Communication of CAMs

The PCAOB posted to its website a staff guidance document, A Deeper Dive on the Communication of CAMs(PDF), developed to support implementation of the new critical audit matter requirements. This document was informed by discussions with auditors regarding their experiences conducting dry runs of CAMs with their audit clients, the staff’s review of methodologies submitted by 10 U.S. audit firms that collectively audit approximately 85% of large accelerated filers, and other outreach efforts.

The PCAOB staff has now released four guidance documents to provide proactive, timely, and useful information on CAMs to auditors and other interested parties. The previously-released staff guidance can be found below.

• Implementation-of-Critical-Audit-Matters-The-Basics.pdf(PDF)
• Implementation-of-Critical-Audit-Matters-Review-Audit-Methodologies.pdf(PDF)
• Implementation-of-Critical-Audit-Matters-Deeper-Dive.pdf(PDF)

For additional resources on CAMs and the new auditor’s report requirements, please visit the new auditor’s report implementation page.

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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.