PCAOB issues staff guidance on implementing CAM requirements

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

Mar 18, 2019

On March 18, 2019, the Public Company Accounting Oversight Board (PCAOB) issued three staff guidance documents related to the implementation of the new critical audit matter (CAM) requirements.

The documents consist of a high-level overview, staff observations from a review of audit methodologies, and a deeper dive on the determination of CAMs.

These documents were informed by discussions with auditors regarding their experiences conducting dry runs of CAMs with their audit clients, the staff’s review of methodologies submitted by 10 U.S. audit firms that collectively audit approximately 85% of large accelerated filers, and other outreach efforts. The Board and staff will continue to monitor CAM implementation and determine if further guidance is needed.

Review the press release on the PCAOB’s website.

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