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PCAOB Publishes Staff Guidance on Implementing Changes to Auditor's Report

  • PCAOB (US Public Company Accounting Oversight Board) (dark gray) Image

Dec 04, 2017

On December 4, 2017, the Public Company Accounting Oversight Board (PCAOB) published staff guidance that describes changes to the auditor's report that become effective for audits for fiscal years ending on or after December 15, 2017.

The guidance addresses key changes to the auditor's report required this year, such as the form of the auditor's report, disclosure of auditor tenure, a statement on auditor independence, and a required explanatory paragraph on Internal Control Over Financial Reporting (ICFR) in certain circumstances.

The guidance also provides a high-level overview of the requirements regarding Critical Audit Matters (CAMs). Auditor communication of CAMs is permissible on a voluntary basis but will not be required until audits of fiscal years ending on or after June 30, 2019 (for audits of large accelerated filers) or December 15, 2020 (for audits of all other companies to which the requirements apply).

Review the press release and staff guidance on the PCAOB's website.



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