Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.

The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.

The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.