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Critical Audit Matters Reporting: A First Look

Large companies have started reporting on “critical audit matters” (CAMs) under new PCAOB requirements. This study identifies six companies on which CAMS reporting is better and more granular than many others.  But even disclosures at these firms provide little in the way of “key observations” on the particular matter, an element the PCAOB standard seeks. This report includes suggestions on how “key observations” could be framed by these companies.

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