- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
If the PCAOB requires CAMs, or disclosures of critical audit matters, it will raise doubt in financial statements while protecting auditors from litigation, a new study says.
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Audit committees may soon reconsider certain areas of corporate disclosure to get ahead of “critical audit matters” that will begin appearing in audit reports in 2019.
Now that audit reports are beginning to disclose auditor tenure, audit committees face new pressure to give it careful consideration in retention decisions.
Recent findings against PwC illuminate audit failures that the PCAOB has been harping on for years, although its ultimate weight on auditors' duty to find fraud is not yet clear.
