After a lengthy and protracted debate, the Public Company Accounting Oversight Board (PCAOB) adopted Rule 3211 (commonly referred to as “Form AP”) and related amendments to its auditing standards regarding the identification of audit engagement partner and other accounting firms who take...

PCAOB AS 3101 requires the auditor to communicate any critical audit matters (CAMs), identified during the planning or performance of the audit, in the audit report. Prior research has investigated the informativeness of CAM disclosures using short window, event study methodologies centered...

PCAOB AS 3101 requires the auditor to communicate in the audit report any critical audit matters (CAMs) identified during the planning or performance of the audit. One of the most common type of CAMs (revenue CAMs) relates to core earnings, which is fundamental to valuing a corporation (Penman 2001;...