FRV podcast: Critical audit matters (CAMs)

Overview of critical audit matters related to the financial statements, and trending themes for 2020 filings.

Karen Silverman

Karen Silverman

Partner, Dept. of Professional Practice, KPMG US

+1 212-954-1377

Ben Reinhardt

Ben Reinhardt

Partner, Audit, KPMG US

+1 612-305-5596

Podcast overview

Professionals from our Department of Professional Practice discuss the common trends and themes from 2020 reporting of CAMs, PCAOB observations and guidance for preparers.


  • SEC reporting entities
  • The requirement to communicate critical audit matters in the auditor’s report has expanded, beyond large accelerated filers, to include applicable SEC entities with fiscal year-ends on or after December 15, 2020.

Podcast contents

  • 02:00 - What is a CAM and what is included in the auditor’s report
  • 04:35 - PCAOB observations
  • 05:55 - Nature and topics of CAMs
  • 10:30 - COVID-19 effect on CAMs
  • 11:30 - Going concern CAMs
  • 12:15 - Observations from working with preparers
  • 13:40 - IPOs and CAMs
  • 14:30 – Action items