Studied by 6 peoplePCAOB Required Changes to Audit Report (5):
Identify CAMs
Describe what led to CAM
Describe how it was addressed
Refer to relevant F/S accounts/disclosures
Tenure disclosure
IAASB Required Changes to Audit Report (2):
Communicate CAMs
Disclose name of engagement partner
AICPA Required Change to Audit Report:
Reporting is optional
What is a CAM?
A matter communicated or required to be communicated to the audit committee that relates to accounts or disclosures that are material to the financial statements, and involve especially challenging, subjective or complex auditor judgements
What is a KAM
A matter communicated to those charged with governance, they are matters that are of the most significance to the audit
What are Required CAM disclosures?
Anything that is material to the financial statements, or involve complex judgements
Note
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