The Public Company Accounting Oversight Board Investor Advisory Group is accepting public nominations for the most decision-useful critical audit matter or key audit matter of 2023.
CAMs were implemented by the PCAOB in 2019 and require auditors to disclose areas of the audit that involve especially challenging, subjective or complex judgements. Previously, the reports did not convey this information, resulting in a disconnect between auditors and investors. In 2022, nearly two-thirds of auditor opinions contained CAMs, according to a report by Ideagen which analyzed over 22,000 audit reports.
The nominations will be reviewed by the IAG. The top three decision-useful CAMs or KAMs will be shared in an IAG report later this year.
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