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Critical Audit Matters (CAMs) per PCAOBs standard - AS 3101

Critical Audit Matters (CAMs) per PCAOB’s standard – AS 3101
Critical audit matters (CAMs) expand the independent auditors’ report to disclose audit-specific information that;
  • arises from the current period audit of the consolidated financial statements,
  • was communicated or is required to be communicated to the audit committee,
  • relates to accounts or disclosures that are material to the financial statements, and
  • involved challenging, subjective, or complex auditor judgment.
These requirements are contained in PCAOB’s standard – AS 3101, and are being phased in starting with audits of large accelerated filers for fiscal years ending on or after June 30, 2019. The CAM provisions of AS 3101 for other applicable filers take effect for fiscal years ending on or after December 15, 2020. Topics include:
  • What is a CAM, and what should it contain?
  • What are the PCAOB’s requirements for reporting CAMs?
  • How will stakeholders use CAMs?
  • How can CAMs impact you?
  • How to identify and draft CAMs
  • Illustrative example provided by the Center for Audit Quality
  • Early examples from independent auditor reports
  • Communications of CAMs and close calls that are not disclosed as CAMs
This training session is primarily geared for independent auditors of publicly traded companies; however, audit committee members, CFOs, controllers, and others can also benefit in this session to best prepare for their audit. We offer a core 4 hour session that can also be combined with other PCAOB topics to make a full-day session of 8 hours.

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