The Public Accounting Oversight Board’s Audit Standard 3101 (AS 3101), which requires auditors to disclose critical audit matters (CAMs), became effective for audits of large accelerated filers with fiscal years ending on or after June 30, 2019, and for all other US public companies on December 15, 2020. This initiative is a response to the gap between the users’ demand and the information provided in auditors’ reports. It is also intended to improve the relevancy of auditors’ reports. Focusing on studies of the determinants and consequence of CAMs disclosure in the US setting, this review complements and extends previous syntheses of research on expanded audit disclosures in non-US settings. More importantly, it provides preliminary insights into whether AS 3101 achieves its stated objective: making auditors’ reports more informative and more relevant to investors. This review also highlights areas where there is limited research or inconsistent results, which may help academic researchers to identify opportunities for future research.
