The Public Company Accounting Oversight Board has published an updated version of its staff guidance on implementing the new version of the auditor’s report.
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In June 2017, the board adopted a new auditing standard, AS 3101, “The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses and Unqualified Opinion,” that made some significant changes to the traditional auditor’s report.
Most of the changes were due to go into effect on Dec. 15, 2017; those related to “critical audit matters” won’t be effective until June 30, 2019, for large accelerated filers, or Dec. 15, 2020, for all other companies.
