Auditing firms have been relying increasingly on outside specialists for audit engagements since the Public Company Accounting Oversight Board unveiled a new standard governing their use.
The average number of critical audit matters per audit report has declined over time, while the proportion of audit reports that communicate only a single CAM has increased.
The Public Company Accounting Oversight Board levied sanctions and fines totaling $7.7 million against three of KPMG's member firms in the U.K., India and Colombia.