Governance Issues - Research Edition

Governance Issues ^TM - Research Edition

Volume 2019, No. 3

October 24, 2019

In This Issue

Critical audit matters have arrived and Kral Ussery has the results. We identified and reviewed 50 independent audit reports to categorize the CAMs, as well as to calculate averages between the Big Four accounting firms based on the June 30, 2019 round of audit reports for large accelerated filers.

Critical audit matter requirements are contained in Public Company Accounting Oversight Board’s standard – AS 3101

Critical Audit Matters Have Arrived

By Ron Kral, CPA, CMA, CGMA

Critical audit matters (CAMs) are upon us and the early results are in!

Kral Ussery analyzed Form 10-Ks filed with the SEC for large accelerated filers with fiscal years ended June 30, 2019. Fifty such 10-Ks were identified with 47 being filed in August and three during the first half of September 2019. The early results shed light on the types of matters being reported as well as the average number of CAMs per audit report for the Big Four accounting firms.

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Kral Ussery (KU) offers a wide variety of in-house training sessions, including on critical audit matters. This is a comprehensive training session on CAMs, ideal for both audit firms and publicly traded companies. Also, see KU in action at a variety of public educational events around the US.

Kral Ussery serves US public and private companies to protect and grow shareholder value, as well as non-profits and governments with internal controls and in combating fraud. Download our services flyer .

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About Governance Issues ^TM

Go vernance Issues ^TMis an electronic newsletter published by Kral Ussery LLC, a public accounting firm delivering advisory services, litigation support and internal audits. The newsletter focuses on our practice areas of SEC compliance, internal controls, IT general controls, risk assessments, IPO readiness, M&A transactions, US GAAP compliance and internal auditing.

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Content in this newsletter is for general information purposes only and should not be used as a substitute for professional consultation.

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