FRV podcast: Critical audit matters (CAMs)

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.

Applicability

• 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