August 4, 2017
Having auditors include Critical Accounting Matters in the audit report is a horrible idea. You have have huge differences based on different individual partners, you will chill communication to auditors for fear of what they will add in the report and it will needlessly increase audit costs as the most expensive audit team members will pour over this wording the last few days (instead of doing real audit work). Then companies will have to run edits through the report late as the auditors change the wording which is hard to do and time consuming late in the process with the auditors. At the end of the day, these will become boiler plate and have no value to investors anyways. It will just increase costs and take focus was from real audit work right before filing.