Example dual dating audit report


07-Oct-2019 17:53

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Although the adopting release suggested that the process would be an iterative one between management and the auditors, time will tell whether, once the auditors have crafted a CAM disclosure, they might just be a bit reluctant to allow much input by audit committees or managements.

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For example, in the context of a CAM related to goodwill impairment, the PCAOB provides the following questions to be addressed in the auditor’s description of the principal considerations: The description of audit procedures should “be specific to the CAM and to the audit,” not general statements that might apply in any audit or “to most significant areas of the audit, such as ‘testing the operating effectiveness of the company’s controls’ in the case of an integrated audit.” Most useful would be descriptions of procedures that are tied to the considerations that led to the matter being identified as a CAM.

For example: Although the auditor may choose to include findings as an indication of the outcome of audit procedures or as key observations about a matter, the auditor should not use language that implies “that the auditor is providing a separate opinion on the CAM or on the accounts or disclosures to which it relates.

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In any event, the auditor would consider the specific facts and circumstances of the CAM for the current period and “tailor the communication of the CAM as necessary.” The “new information for which the auditor’s report is dual-dated may give rise to one or more additional CAMs or may necessitate modifications to previously communicated CAMs.

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