Lesson 4 (Exam 1)
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Last updated 2:58 AM on 2/21/23
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6 Terms
1
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PCAOB Required Changes to Audit Report (5):
1. Identify CAMs
2. Describe what led to CAM
3. Describe how it was addressed
4. Refer to relevant F/S accounts/disclosures
5. Tenure disclosure
2
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IAASB Required Changes to Audit Report (2):
1. Communicate CAMs
2. Disclose name of engagement partner
3
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AICPA Required Change to Audit Report:
Reporting is optional
4
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What is a CAM?
A matter communicated or required to be communicated to the audit committee that **relates to accounts or disclosures** that are **material** to the financial statements, and **involve especially challenging, subjective or complex auditor judgements**
5
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What is a KAM
A matter communicated to those charged with governance, they are **matters that are of the most significance to the audit**
6
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What are Required CAM disclosures?
Anything that is material to the financial statements, or involve complex judgements
