You could look at auditing as a process or function that is immobile and inflexible. But you’d be wrong. The truth is, auditing is as dynamic as the organization’s it helps provide focus and boundaries for. To prove our point, Embark looks squarely at the new and ongoing audit standard changes from the good folks at the PCAOB.
Now you’re obviously more than welcome to fend for your own in these treacherous online waters and find some monolithic dissertation on the new standards. However, because time is of the essence and your optometrist worries about you, your friends at Embark have waded through those dangerous tides on your behalf to summarize the changing standards from the PCAOB in a handy new guide, Critical Audit Matters and The Impact on PCAOB Audit Opinion. Stick around for a moment and we’ll give you a sneak peek at what awaits you.
Critical Deadlines
The guidance already has the green light and the SEC’s subsequent thumb’s up. In other words, the new standards have already sunk their teeth into most companies through new guidelines for form and content of PCAOB audit reports.
However, that’s just the beginning, our friends, as large accelerated filers and other organizations where CAMs apply -- more on those in a moment -- have critical adoption deadlines in 2019 and 2020. Want to know what those deadlines are? Ask and ye shall receive. Just download our new guide and you’ll have all the information at your fingertips.
Critical Audit Matters (CAMs)
CAMs are the focal point of the new standards. Public companies must absolutely understand what they are, whom they affect, and how they impact a PCAOB audit. CAMs stem directly from a financial reports audit and place a new focus on items considered subjective, complicated, or challenging within an auditor’s judgment.
Unfortunately, CAMs can also be confounding and nebulous at first glance so, given their importance to publicly traded companies and their audits going forward, it is imperative firms have a good grasp on their function in the process. In our new guide, Critical Audit Matters and the Impact on PCAOB Audit Opinion, Embark not only defines CAMs and places them into context, but also provides the needed language regarding CAMs in your financial disclosures. Perhaps most importantly, we also discuss how these new standards -- CAMs in particular -- change what you know about PCAOB audits and what you should expect going forward.
Comprehensive but concise, highly informative without tedious language, Embark’s new guide is an efficient but extremely effective way to better grasp the changes the PCAOB has in store for you and your audits. So on that note, download Critical Audit Matters and The Impact on PCAOB Audit Opinion, make a sandwich, and dig in because a whole lot of valuable information is heading your way.
