This presentation discusses changes to annual audit report as part of providing more guidance and oversight into critical areas of a companies operations.

1. New Audit Report - PCAOB
makes major changes to
auditor’s report
Paul Young CPA, CGA
June 4, 2017

2. Paul Young - Bio
• CPA, CGA
• Financial Solutions
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Financial Solutions
• SME – Supply Chain Management
Contact information:
Paul_Young_CGA@Hotmail.com

3. Overview
 This presentation discusses changes to annual
audit report as part of providing more guidance
and oversight into critical areas of a companies
operations.

5. Auditors Report
 http://www.accountingweb.com/aa/standards/new-
pcaob-standard-expands-auditors-report

6. Effective Dates
http://www.accountingweb.com/aa/standards/new-
pcaob-standard-expands-auditors-report
• New auditor’s report format, tenure, and other
information: audits for fiscal years ending on or after
Dec. 15, 2017.
• Communication of CAMs for audits of large
accelerated filers: audits for fiscal years ending on
or after June 30, 2019.
• Communication of CAMs for audits of all other
companies: audits for fiscal years ending on or after
Dec. 15, 2020.

7. Auditors Reports and Investors
https://www.accountingtoday.com/news/pcaob-
makes-major-changes-to-auditors-report
Investors have long called for enhancing the auditor’s report,
given the effort involved and the value the auditor brings to
investor confidence,” Doty said in a statement. “The new
auditing standard before the board today is the first significant
change to the standard form auditor’s report in more than 70
years. … The standard before the board today is grounded in
considerable outreach to investors, auditors, capital-seeking
securities issuers, academics and others, plus three extended
public comment periods over a period of more than six years. It
is backed up by a robust economic analysis of the impact of
making audit reports more informative to our capital markets.”

8. How can IT solutions help with the
new Audit Report rules
 More and more companies will be looking at ways
to reduce their risk – (Risk Analytics Solutions)
 Continuous accounting as part of managing big
data and other information to support business
decisions (FOPM/FPM Solutions)