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ACC 814 Exam 1 Section 1 Complete Actual Questions With Correct Answers.
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KAMs - correct answer - Key Audit Matters - Required to be communicated to those charged with governance, such as the audit committee - Effective for audits of financial statements of listed companies for periods ending on or after December 15, 2016 - International Auditing and Assura...

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  • September 19, 2024
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  • 2024/2025
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ACC 814 Exam 1 Section 1

KAMs - correct answer - Key Audit Matters



- Required to be communicated to those charged with governance, such as the audit committee



- Effective for audits of financial statements of listed companies for periods ending on or after December
15, 2016



- International Auditing and Assurance Standards Board (IAASB)



CAMs - correct answer - Give us more information in the audit opinion from the people who have
more information to give



- Defined as any matter arising from the audit of financial statements that was communicated, or
required to be communicated, to the audit committee and that:

1. Relates to accounts or disclosures that are material to the financial statements

2. Involved especially challenging, subjective, or complex auditor judgments



- Required by the PCAOB for periods after:

1. June 30, 2019 for accelerated filers (>$75 million in equity)

2. December 15, 2020 for issuers



Regulator Bodies and Standard Setters for Audits of: Public Companies - correct answer Regulatory
Agency: SEC

Standard Setters: PCAOB (overseen by SEC)

- Codified into auditing standards (AS) - 1005 - 6000

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