Sec cams 1 and 1
Under the new audit reporting standard, an auditor will continue to opine on whether a company’s financial statements do, or do not, fairly present the company’s financial position and results of operations in accordance with GAAP (the traditional pass/fail model).However, the auditor’s report will also present information the PCAOB believes will give investors and other users of financial statements at least a glimpse of the deliberations that occur behind the pass/fail veil. The new report will augment the traditional pass/fail opinion with a discussion of “critical audit matters” (CAMs), disclosure of the auditor’s tenure and certain other information. The adopted standard, AS 3101, is substantially the same as the standard reproposed by the PCAOB in May 2016. On June 1, 2017, the Public Company Accounting Oversight Board voted to adopt a new auditing standard that, if approved by the Securities and Exchange Commission, will significantly expand the current auditor’s report.
Fantasy football has become a major thing for a lot of NFL fans, as millions of people play for many reasons, including money and bragging rights.
One diehard fantasy player took his moment on national television as a contestant on The Price is Right to give a shout-out to not his friends or family, but the players, including former LSU running back Leonard Fournette and former Auburn quarterback Cam Newton, on his fantasy team.
That is some dedication right there while spinning “the Big Wheel” on the longtime game show, and what a heavy SEC lineup he has.
Audit committees overseeing ongoing management efforts to comply with new generally accepted accounting principles (GAAP) on the near horizon—including those relating to revenue recognition, leases and financial instruments—should factor in the enhanced level of critical auditor scrutiny that AS 3101 portends with respect to management judgments and assumptions made in applying the new GAAP.
It may be helpful, in this regard, for audit committees to consider the experience of London-listed companies dealing with the third year of a similar auditor reporting model. June 1st was a busy day for the PCAOB—in addition to adopting AS 3101, it issued two new proposals for public comment.