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Communication between auditors and investors is imperative. As a result of the 2008 financial crisis, international and United States standards called for auditor reports to become more informative as it related to Key Audit Matters (KAMs) and Critical Audit Matters (CAMs) in annual financial statement audits. So what do external auditors of listed telcos consider “key” or “critical” as part of their audits?

Frequent interaction between all parties is necessary when determining the definitions that constitute KAMs vs. CAMs. We researched twenty-two 2019 auditor's reports of telcos across the globe, 12 of which are based on audits performed in accordance with Internal Standards on Auditing (ISA) and ten which were executed in accordance with Public Company Accounting Oversight Board (PCAOB) standards in the U.S. to understand the differences in their definitions.

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