The PCAOB adopted a new auditing standard in June 2017 (pending SEC approval) “to enhance the relevance and usefulness of the auditor’s report by providing additional and important information to investors.”
According to the PCAOB news release, “The new standard and related amendments require auditors to include in the auditor’s report a discussion of the critical audit matters (CAMs) which are matters that have been communicated to the audit committee, are related to accounts or disclosures that are material to the financial statements, and involved especially challenging, subjective, or complex auditor judgment.
Under the new standard, the auditor’s report will disclose, among other things, the tenure of an auditor, specifically, the year in which the auditor began serving consecutively as the company’s auditor. It also will include the phrase, “whether due to error or fraud,” in describing the auditor’s responsibility under PCAOB standards to plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements.”
Peruse the information linked below and take a look at one SEC comment letter of your choice.
PCAOB Comment Letters
TSCPA Comment Letter to PCAOB
SEC Comment Letters
Opinion Question 1:
What is your opinion on the new audit reporting standard? Explain your thoughts.
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