Critical audit matters A five-year review: 2020-2024
Uncover hidden patterns in audit risk with our comprehensive Critical audit matters report. This five-year review examines over 47,000 CAMs across 6,700+ SEC registrants, revealing key trends in audit complexity and industry-specific risks.
Discover why revenue recognition dominates 17% of all CAMs, how the Current Expected Credit Losses standard surged to the #2 position and what industry-specific patterns mean for your organization. With detailed breakdowns across eight industries, filer categories and year-over-year trends, you'll gain actionable insights into where auditors focus their attention and where your risks may lie – download your copy now.
- Revenue recognition dominates: Remains the #1 CAM topic at 17% in FY2024, up from 12% in 2020—critical for technology, manufacturing and services sectors.
- Credit loss standard impact: Allowance for credit losses surged to #2 position as auditors navigate CECL's complex forward-looking requirements.
- Simplification trend: Average CAMs per opinion dropped to 1.27 in FY2024, with 77% of opinions containing only one CAM—signaling more focused communication.
- Industry-specific intelligence: Detailed breakdowns reveal distinct risk patterns, from finance's 81% focus on credit losses to technology's 41% on revenue recognition.
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