I. What was the PCAOBs primary motivation for the change to the (sive 2) 2. The
ID: 2583583 • Letter: I
Question
I. What was the PCAOBs primary motivation for the change to the (sive 2) 2. The new model introduces new items to be reported: Critical Audit Matters (CAMs). What is a CAM and what information must be disclosed in the new audit report concerning CAMs? 3. The new model calls for additional information concerning auditor independence. What information will be disclosed regarding auditor independence? Why is this important? 4. The new model includes a report change concerning the footnotes to the financial state What is this new change regarding the footnotes? Does this change add ad responsibilities for the auditor? Explain. 5. The new model calls for additional wording concerning the auditor's responsibility fo misstatements. What new wording will be included concerning the auditor's respons material misstatements? Does this change add additional responsibilities for the ind auditor? Explain. concerns "auditor tenure". What is auditor tenure and nure? Why is this important? 6. A final change made information must be disclosed concerning auditor te Answer Number 6 at the top of page 2 of 2.Explanation / Answer
Working capital (abbreviated WC) is a financial metric which represents operating liquidity available to a business, organization or other entity, including governmental entity. Along with fixed assets such as plant and equipment, working capital is considered a part of operating capital. Gross working capital equals to current assets.