In June 2017, the Public Company Accounting Oversight Board adopted a new auditing standard that will bring about significant changes to the auditor's report. The Auditor’s Report: Considerations for Audit Committees explains these changes to the auditor’s report, including disclosure of auditor tenure, Critical Audit Matters (CAMs), and other new requirements. The new auditor’s reporting model is to be implemented with a phased approach, and the tool provides a timeline for implementation deadlines. It also lists key questions for audit committees to consider, including a set of questions that the National Association of Corporate Directors has gleaned from audit committee members about the new auditor’s report.
December 6, 2017