New standards for auditor reporting requires disclosure of issues that managers communicate to audit committees for critical audit matters.
All Audit Committee Content
Critical audit matters or CAMs are the specific issues flagged by an auditor which audit committees are now required to report.
New changes for audit reports in 2019 means the audit committee will need to better understand these changes to update reporting.
Due to new regulations, GAAP for nonprofits has changed and nonprofits should be aware of these accounting changes for all financial reports.
GAAP is the industry standard, but Non-GAAP deviates from the standard & makes adjustments to more accurately reflect a company’s operations.