Who is this article for?

Users wanting to learn more about WRDS Accounting + Oversight.

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This article answers the most commonly asked questions for WRDS Accounting + Oversight.

General

What datasets are included with the Accounting + Oversight subscription?

The following datasets are available with an Accounting + Oversight subscription:

AAERs

What does the AAER dataset cover, and does it include all SEC enforcement actions?

The AAER dataset includes all AAERs listed on SEC.gov. However, the SEC’s published list highlights selected financial reporting enforcement actions and is not a complete list of all such actions. The dataset provides case-level information from SEC releases but does not include account-specific or structured financial misconduct variables. All AAERs are manually reviewed for accuracy, with periodic quality checks performed for completeness.

Why isn’t there a consistent company identifier, and how can I link AAERs to firm-level data?

Many AAERs do not name a company, therefore no identifier can be assigned in those cases. When a company is identified, it appears as either a respondent or a related party.

• Company Keys (CIKs) are available in feed91_respondent.txt and feed91_related_party.txt.
• These files must be accessed via SAS, Python, or R in WRDS SAS/Studio.
• Because not all AAERs identify a company, CIK coverage will be less than 100%.

Can I identify auditors involved in AAER cases and their office locations?

Yes, with some limitations.

• Auditor names appear in feed91_respondent.txt when the auditor is a respondent, and in feed91_related_party.txt when named as a related party.
• Office locations can be inferred by linking to Feed 34 (Revised Audit Opinions) using the period of violation and audit opinion location.
• Not all cases identify an auditor, and some entities may not be SEC registrants.

What unique identifiers are available in the AAER dataset?

The following identifiers are available:

• AAER_EVENT_KEY – Primary event-level identifier
• AAER_RELEASE_FKEY – Identifier for individual releases in supporting tables
• CIK – Available when a company is identifiable; found in supporting tables
• LAW_FIRM_FKEY – Unique identifier for law firms involved in cases

Note that CUSIP is not included in the AAER dataset.

How do I join the main AAER feed to the supporting tables?

The main feed is organized at the event level, where each event aggregates data across all related releases. Most supporting tables join directly to the main feed using AAER_EVENT_FKEY → AAER_EVENT_KEY.

Some supporting tables – such as feed91_related_party.txt – are structured at the release level rather than the event level. For these tables, a two-step join is required:

1. Join the release-level table to feed91_all_related_release.txt using AAER_RELEASE_FKEY.
2. Join the result to the main feed using AAER_EVENT_FKEY → AAER_EVENT_KEY.

Critical Audit Matters

How can I view Critical Audit Matters (CAMs) text?

CAMs are collected from the text of the audit opinion. To view the full filing associated with a CAM disclosure, link Feed 78 to the Revised Audit Opinions dataset (Feed 34) using AUDIT_OPINION_FKEY in Feed 78 and AUDIT_OPINION_KEY in Feed 34.

How can I find the fiscal year end for a CAM record?

Fiscal year end is not stored directly in the Critical Audit Matters dataset (Feed 78). To retrieve it, link Feed 78 to the Revised Audit Opinions dataset (Feed 34) using AUDIT_OPINION_FKEY in Feed 78 and AUDIT_OPINION_KEY in Feed 34. The fiscal year end (FYE) is available in Feed 34.

Why do some companies show only one year of CAM data, and how can I filter or report CAMs by fiscal year?

CAM coverage follows the SEC's phased rollout schedule:

• Large Accelerated Filers: Fiscal years ending June 30, 2019, and later
• All other registrants: Fiscal years ending December 15, 2020, and later

CAM records do not contain fiscal year or date fields. All timing information is stored in the related audit opinion rather than in the CAM record itself. As a result, only one year of data may appear in WRDS unless CAMs are merged with the Revised Audit Opinions dataset.

To filter by fiscal year or access additional company detail, merge:

• Feed 78 (Critical Audit Matters) using AUDIT_OPINION_FKEY
• Feed 34 (Revised Audit Opinions) using AUDIT_OPINION_KEY

Feed 34 is the authoritative source for audit opinion data. After merging, records can be filtered or reported using FISCAL_YEAR_OF_OPINION or FISCAL_YEAR_ENDED_OF_OPINION.

This merge also provides attributes not stored in CAMs, including filing details, signature dates, engagement partner data, and identifiers such as CIK, ticker, and CUSIP. A small number of CAM records may not match due to deleted or superseded opinions or WRDS update timing.

Why do duplicate CAM or audit opinion records appear?

Duplicates occur when the same opinion is included across multiple filings, such as amendments. To de-duplicate, either retain the most recent opinion per fiscal year based on signature or source date, or filter within the Revised Audit Opinions dataset (Feed 34) by form type (e.g., 10-K) before joining to CAMs.

How do I link CAMs to Compustat or other WRDS datasets?

There is no standalone linking file. Merging through Audit Opinions is the required workflow:

1. Merge Feed 78 (Critical Audit Matters) → Feed 34 (Revised Audit Opinions) using AUDIT_OPINION_FKEY / AUDIT_OPINION_KEY[JE1] .
2. Extract identifiers – CIK, ticker, CUSIP, or GVKEY via WRDS link tables.
3. Join to Compustat, CRSP, or other governance datasets as needed. There is no standalone linking file; merging through Audit Opinions is the required workflow.

How are CAM topics assigned, and where can I find the numeric topic codes used in academic research?

Trained analysts assign a single primary topic to each CAM based on the main accounting issue described, even when multiple topics are referenced. Supporting context and footnotes are reviewed when needed to determine the appropriate designation.

Numeric topic codes appear in the Issues List Keys fields within the WRDS CAM dataset. On the Audit Analytics platform, these codes can be mapped to topic descriptions using the Data Dictionary → CAM Topic Normalization List.

Cybersecurity

What are the data sources for the Cybersecurity database, and why is its coverage smaller than EDGAR or other breach trackers?

The Cybersecurity database collects breach disclosures exclusively from SEC filings made by SEC registrants. As of December 2023, the database sources data exclusively from SEC filings, with primary emphasis on Item 1.05 of Form 8-K, as well as Forms 6-K, 10-K, 20-F, and 10-Q.

Prior to December 2023, sources also included state attorney general websites, industry blogs, and news sites. Additionally, third-party breaches are excluded from collection. For these reasons, the database is intentionally narrower in scope than EDGAR or external cybersecurity datasets.

When the methodology shifted from using multiple sources to just SEC disclosures, were there changes to the data points?

Yes. The updated methodology expanded coverage to include the following fields, where disclosed:

• Breach Stage
• Disruption
• Attack Name
• Perpetrator
• Materiality
• Cumulative Breach Cost
• Number of Impacted Users

These fields are sourced exclusively from SEC filings and were not collected under the prior multi-source methodology. Backdated 10-K and 10-Q filings are currently being processed under the updated methodology.

What are the differences between Breach Disclosure Date, Breach Aware Date, and Breach Start Date?

Not all companies disclose all three dates. The distinctions are as follows:

• Breach Disclosure Date – The date the breach first became public, based on the earliest source filing.
  • This corresponds to the oldest DISCLOSURE_DATE value associated with a given CYBERSEC_BREACH_KEY.
• Breach Aware Date – The date the company states it first discovered the breach, if disclosed.
• Breach Start Date – The date the breach began, if disclosed. This may pre-date the Breach Aware Date.

Source-level details, including all filings associated with a given breach, are available in the cybersec_filing.txt supporting table.

Can I identify the source type corresponding to the Breach Disclosure Date?

Yes. The cybersec_filing.txt supporting table lists all filings associated with each breach and can be used to identify the source type linked to the Breach Disclosure Date.

How do I link the Cybersecurity database to Compustat?

Use CIK as the primary linking key. CIK is equivalent to the Audit Analytics Company Key and is available in both datasets. Ticker may be used as a secondary linking key if needed.

What is the cybersec_breach_to_attack supporting table, and how do I use it?

This table links breaches to their associated attack types. Its key fields are:

• CYBERSEC_BREACH_TO_ATTACK_KEY – Record identifier
• CYBERSEC_BREACH_FKEY – Breach identifier; links to the main dataset
• CYBERSEC_BREACH_ATTACK_FKEY – Attack type identifier

To retrieve attack descriptions:

• Join cybersec_breach_to_attack.txt to cybersec_breach_attack.txt using CYBERSEC_BREACH_ATTACK_FKEY.
• Join back to the main Cybersecurity database using CYBERSEC_BREACH_FKEY.

Impairments

What is the MATERIAL_IMPAIRMENT_TEXT variable, and how is the text identified and collected?

MATERIAL_IMPAIRMENT_TEXT contains manually collected impairment-related excerpts from 10-K and 8-K filings. Each filing is reviewed in full, and at least one disclosure explaining the impairment is captured. Footnotes are prioritized – such as those related to PP&E, Goodwill, or Intangibles – with MD&A sections or financial statement line items used when additional context is needed.

Only the most relevant excerpts are included rather than every repeated mention, though multiple excerpts may appear when they provide meaningfully different qualitative detail. This field also powers keyword searches on the Audit Analytics platform, making it particularly useful for identifying asset types not covered by standard taxonomies, such as digital assets or cryptocurrency.

PCAOB Inspection Reports

Where are the PCAOB inspection begin and end date fields in WRDS?

INSPECTION_DATE_BEGIN and INSPECTION_DATE_END are available on WRDS but are stored in a supporting table, so they do not appear in the standard point-and-click web query form. These fields must be accessed programmatically via WRDS SAS Studio, Python, or R.

To retrieve them in SAS Studio:

1. Open WRDS and navigate to SAS Studio.
2. Go to the Audit Analytics → PCAOB module supporting tables.
3. Load inspection_date.txt, which contains INSPECTION_DATE_BEGIN and INSPECTION_DATE_END.