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Using the Critical Audit Matters database
Who is this article for?
Users who want to learn all about the Critical Audit Matters database.
No elevated permissions are required.
This article provides an overview of the critical audit matters database and its search features.
1. General overview
The Audit Analytics critical audit matters (CAMs) database covers all SEC registrants who have a disclosure in their auditor report relating to critical audit matters in electronic filings. Each row represents data concerning an individual critical audit matter as disclosed in an auditor’s opinion.
The audit opinion of brokers and dealers reporting under Exchange Act Rule 17a‑5, investment companies other than business development companies, benefit plans (11‑K), and emerging growth companies are excluded from critical audit matter disclosure requirements.
Mandated disclosure date: Critical audit matters are required disclosure in the audit opinion starting fiscal years ended on or after 30 June 2019 for large accelerated filers and 15 December 2020 for all other SEC registrants.
Per SEC requirements this includes all ’33 and ’34 Act filers.
2. Common uses
- Use critical audit matters as a factor to gauge areas of auditing difficulty
- Quickly find certain types of CAMs (e.g. goodwill) from industries
- Analyze big‑picture trends in the types of CAMs
- Compare CAM disclosures by number, type, length, and word choice across industries and peers
- Benchmark severity of CAMs against companies with similar areas of concern
- Evaluate and monitor the implementation and impact of the new disclosure requirements
The critical audit matters database is available online, through WRDS, and as data feeds [Feed78] with the relevant subscription.
Saved search alert: Yes
Daily summary email: No
3. Collection methodology
The normalized topic, text of the title and description, and the auditor’s response are all tracked. This data is sourced from annual reports and registration statements.
4. Searching
The critical audit matters search page offers the following filters:
| Name | Description | Data dictionary field(s) | Sort by? |
|---|---|---|---|
| Filter by auditor | Filter for a specific auditor or group of auditors | Auditor | Yes |
| Search by audit opinion key | Filter results by specific opinion key | Audit opinion key | No |
| Search by ticker or CIK code | Filter results to a specific population | CIK code, ticker | Yes |
| Search by critical audit matters | Filter results by unique identifier for each CAM disclosed in the audit opinion | CAM key | No |
| Search in | Select: all, title, description, response | N/A | No |
| Critical audit matter topics | Filter by normalized topic of the CAM disclosed in the audit opinion | CAM topic | Yes |
| Market index | Filter for market index | N/A | No |
| Fiscal year | Filter by fiscal year end of CAMs | N/A | Yes |
| Market cap | Filter by a range of market capitalization as of stock price date | Market cap ($) | Yes |
| Revenue | Filter by a range of companies’ revenue | Revenue ($) | Yes |
| Search industries | Filter by companies’ industry(s) | SIC code, NAICS code | No |
| Company location | Filter by current business address location(s) | State name, region, county | No |
| Auditor location | Filter by auditor location | Auditor city, state code, state name, state region | No |
| Fiscal year end date | Filter by fiscal year end date | N/A | Yes |
| Signature date | Filter by date auditor signed the report | Signature date | Yes |
| File date | Filter by a range of filing dates | Source date | Yes |
5. Results
Results can be viewed at the bottom of the page.
- Critical audit matters data dictionary download
- CSV file downloads of the results (all fields defined in the data dictionary)
- Overview of individual companies’ profile
- Overview of critical audit matters topic
- Auditor profiles