CAQ Issues Tool to Help Audit Committees with Expanded Auditor's Report

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Dec 06, 2017

On December 6, 2017, the Center for Audit Quality (CAQ) issued a new tool that flags key considerations and questions for audit committees as implementation of the Public Company Accounting Oversight Board’s new auditor’s reporting model gets underway.

The CAQ tool is part of the profession's commitment to a smooth transition to the new model for preparers, auditors, audit committees, and investors.

The Auditor’s Report: Considerations for Audit Committees explains changes to the auditor’s report and lists key questions on topics including auditor tenure, Critical Audit Matters (CAMs), and other new requirements.

The new auditor’s reporting model is to be implemented with a phased approach, and the tool provides a timeline for implementation deadlines. The tool also flags a set of key questions that the National Association of Corporate Directors has identified in light of conversations with audit committee members about the new auditor’s report.

Access the tool on the CAQ's website.

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