The
Public Company Accounting Oversight Board has adopted a new standard the purpose of which is to enhance the relevance and useful of the auditor's report. An overview is available
here and the new standard is available
here (
pdf). Included is the requirement for the auditor to disclose in its report certain "critical audit matters" (or to state that there are no such matters). In general terms, such matters are those communicated to the audit committee (or required to be communicated), relating to disclosures that are material to the financial statements and involving especially challenging, subjective or complex audit judgment.
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