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PCAOB Provides Staff Guidance on Critical Audit Matters

 

The Public Company Accounting Oversight Board (PCAOB) is providing staff guidance based on discussions with practitioners who performed simulations using the new reporting standards. The PCAOB released three staff guidance documents in support of auditors who are implementing Auditing Standard No. 3101The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion. The new standard requires auditors to disclose “critical audit matters” that arise from the financial statement audit and relate to accounts that are material to the financial statements. Read more at the Journal of Accountancy.