Will Changes In The Auditor’s Report Affect Credit Analysis?

The U.S. Public Company Accounting Oversight Board (PCAOB) and the International Auditing and Assurance Standards Board (IAASB) have issued separate proposals to enhance the auditor’s report. Their proposals share similarities and will retain the pass or fail audit opinion; provide users and investors with more information about the audit including critical audit matters (CAM) in the U.S. and key audit matters (KAM) internationally; and address the auditor’s responsibility for other information outside of the financial statements contained in the annual report.
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