SEC Approves New PCAOB Audit Standard Calling for Significant Changes to the Form of Auditor’s Report

On October 23, 2017, the Securities and Exchange Commission (the “SEC”) approved a new audit standard of the Public Company Accounting Oversight Board (“PCAOB”) that significantly modifies and expands the form of auditor’s report to be issued by auditors of SEC registrants. The most significant change to the report is the addition of a requirement to discuss “critical audit matters” (or “CAMs”).

Changing the Standard Auditor’s Report