The Public Company Accounting Oversight Board adopted a new auditor reporting standard in June 2017 that will make the auditor's report more relevant to investors by requiring more information about the audit. This new PCAOB auditing standard, AS 3101, represents the most meaningful change to the auditor’s report since the 1940s.

The standard includes the communication of critical audit matters (CAMs), which will inform investors and other financial statement users of matters arising from the audit that required especially challenging, subjective, or complex auditor judgment, and how the auditor responded to those matters. These requirements are effective for annual periods ending on or after 30 June 2019 for large accelerated filers and 15 December 2020 for all other filers.

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