AS 3101 - The Auditor's Report on an Audit (Critical Audit Matters)

AS 3101 establishes the format and content of the auditor's report for public-company audits, requiring a separate section that identifies and discusses critical audit matters, explains why each matter is considered critical, and describes the auditor's response. The standard also updates overall report language and disclosures to enhance transparency and comparability for users of financial statements.