Question
The PCAOB has recently adopted a new standard AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified
The PCAOB has recently adopted a new standard AS 3101,The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. This standard introduces a new section in the audit report: Critical Audit Matters (CAM)
Considering potential advantages and disadvantages of this new requirement, in your opinion overall, do you believe that this new standard helps or hurts reporting?
Some things to consider include
- The reasons why CAM was introduced
- Potential challenges faced by auditors in implementing this new standard.
- Impact on potential users of the financial statements
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Business Statistics For Contemporary Decision Making
Authors: Black Ken
8th Edition
409
