“The Board is committed to supporting effective implementation of CAMs, which are intended to make the auditor's report more relevant to investors and other financial statement users,” said Chairman William D. Duhnke. “The staff’s guidance is just one way in which the Board is providing proactive, timely, and useful information on CAMs to auditors and other interested parties.”

The first phase of CAM implementation is effective for audits of large accelerated filers for fiscal years ending on or after June 30, 2019.  The second phase, which impacts audits of all other companies to which the requirements apply, is effective for fiscal years ending on or after Dec. 15, 2020.