“Reporting of Critical Audit Matters (CAMs) begins for large accelerated filers for fiscal years ending on or after June 30, 2019,” writes Laura Hay, CPA, CAE in the January/February 2019 issue of CPA Voice. “For audits of all other companies to which CAM requirements apply, reporting of CAMs is required for fiscal years ending on or after Dec. 15, 2020.”
Hay goes on to discuss a proposed Statement on Auditing Standards under consideration by the AICPA Auditing Standards Board that would provide the option for the auditor to include reporting of KAMs for non-issuers if engaged to do so, although it would not require the communication of Key Audit Matters for audits of non-issuers.
“CAM/KAM reporting provides opportunity to add value to audit reporting, but with enhanced risk. CAMs are matters that were previously discussed with audit committees, but that were not disclosed in the report,” she writes. “As audit firms, audit committees and users of financial statements prepare for these new disclosures, CPAs will be called upon to advise and assist in understanding their implications.”
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