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FRV podcast: Critical audit matters (CAMs)

04.02.2021 | Duration: 15:51

Overview of critical audit matters related to the financial statements, and trending themes for 2020 filings.


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Podcast overview

Professionals from our Department of Professional Practice discuss the common trends and themes from 2020 reporting of CAMs, PCAOB observations and guidance for preparers.


  • SEC reporting entities
  • The requirement to communicate critical audit matters in the auditor’s report has expanded, beyond large accelerated filers, to include applicable SEC entities with fiscal year-ends on or after December 15, 2020.

Podcast contents

  • 02:00 - What is a CAM and what is included in the auditor’s report
  • 04:35 - PCAOB observations
  • 05:55 - Nature and topics of CAMs
  • 10:30 - COVID-19 effect on CAMs
  • 11:30 - Going concern CAMs
  • 12:15 - Observations from working with preparers
  • 13:40 - IPOs and CAMs
  • 14:30 – Action items

Download the document:

PCAOB interim analysis report

Evidence on the initial impact of critical audit matter requirements

Download PDF

Meet our team

Image of Karen Silverman
Karen Silverman
Partner, Audit, KPMG LLP
Image of Ben Reinhardt
Ben Reinhardt
Partner, Audit, KPMG US

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