Auditors will have to include CAMs for audits for fiscal years ending on or after June 30, 2019, for large, accelerated filers, and for fiscal years ending on or after December 15, 2020, for all other companies to which the requirements apply. Other provisions, which go into effect for audits for fiscal years ending on or after December 15, 2017, require the auditor’s report to include the phrase “whether due to error or fraud” when describing the auditor’s responsibility under PCAOB standards to obtain reasonable assurance about whether the financial statements are free of material misstatements.
September 2017
