The implementation of PCAOB Auditing Standard 3101 (AS 3101): The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion, adopted on June 1, 2017, makes significant changes to the auditor’s opinion. As of this year, Audit Analytics has collected 120 critical audit matters (CAMs) disclosed by auditors of 65 different companies since the implementation.

In this article, Audit Analytics examines the story behind how the disclosure of critical audit matters came to be in the auditing world.