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What is the difference between the auditor's report under ISA and under PCAOB standards?

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Answer

Both express an opinion, but there are differences: PCAOB reports (for US public companies) require Critical Audit Matters (CAMs)—similar to but defined differently from KAMs—disclose auditor tenure, and have their own format and responsibilities wording; ISA reports use KAMs (ISA 701) for listed entities and follow ISA 700 structure. US public-company audits also include a separate ICFR opinion.
Real-world example A US public-company report includes CAMs and the firm's tenure, whereas an ISA-based report presents KAMs instead.

Common follow-ups: CAMs vs KAMs? | What extra does the PCAOB report disclose?

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