The PCAOB has recently adopted a new standard AS 3101, The Auditor's Report on an Audit of
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Question:
The PCAOB has recently adopted a new standard AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. This standard introduces a new section in the audit report: Critical Audit Matters (CAM) . (There is a parallel standard for KAMs for AICPA)
Considering potential advantages and disadvantages of this new requirement, in your opinion overall, do you believe that this new standard helps or hurts reporting?
Some things to consider include
- The reasons why CAM was introduced
- Potential challenges faced by auditors in implementing this new standard.
- Impact on potential users of the financial statements
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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