PCAOB Adopts New Auditing Standards Requiring the Addition of Critical Audit Matters (CAMs)

PCAOB Adopts New Auditing Standards Requiring the Addition of Critical Audit Matters (CAMs)


By: Stuart H. Gelfond, Satuti Aggarwal

Recently, the Public Company Accounting Oversight Board (“Board”) adopted Auditing Standard No. 3101, which will require the auditor to provide significant additional information about the audit to make the auditor's report more informative and relevant to financial statement users.  The final standard retains the original pass/fail opinion of the auditor's report, but mandates the addition of the communication of critical audit matters ("CAMs"), and other improvements to clarify the auditor's role and responsibilities to make the auditor's report easier to read.

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