United States

PCAOB audit committee resource: CAMs


The Public Company Accounting Oversight Board (PCAOB) recently released Insights for Audit Committees regarding the auditor’s communication of critical audit matters (CAMs) in accordance with revised Auditing Standard (AS) 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. This PCAOB resource provides:

  • An overview of AS 3101, including
    • The scope of the standard
    • The definition of a CAM and steps for determining whether a matter is a CAM
    • Effective dates for the standard
  • PCAOB Staff responses to frequently asked questions regarding CAMs
  • Questions audit committees could consider asking their auditors