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Expert Analysis

New Audit Report Standard Requires New Risk Considerations

By Michael Braverman and Christopher Ekimoff (July 13, 2017, 12:18 PM EDT) -- On June 1, 2017, the Public Company Accounting Oversight Board adopted AS 3101, The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, which amends existing auditing standards to "require the auditor to provide new information about the audit and make the auditor's report more informative and relevant to investors and other financial statement users." As discussed further below, among others, the new standard will require auditors to include in their audit reports a discussion of critical audit matters ("CAM" or "CAMs") that have been communicated to the audit committee....

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