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Key Audit Matters

The document discusses key audit matters that auditors are required to communicate in their reports for listed companies. Auditors must identify matters that required significant attention, involved significant judgment, posed difficulties in obtaining evidence, or required modification of the audit approach. For each key audit matter, the auditor must describe why it was significant and how it was addressed in the audit.

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42 views10 pages

Key Audit Matters

The document discusses key audit matters that auditors are required to communicate in their reports for listed companies. Auditors must identify matters that required significant attention, involved significant judgment, posed difficulties in obtaining evidence, or required modification of the audit approach. For each key audit matter, the auditor must describe why it was significant and how it was addressed in the audit.

Uploaded by

joj
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Key Audit

Matters
PSA 701
Requires audito to communicate key audit
matters in the auditor’s report whenever they
audit financial statements of listed companies
CATEGORIZED
THE MATTERS THAT WERE COMMUNICATED WITH
THOSE CHARGED WITH GOVERNANCE

Identidying Key Audit Matters


DETERMINE
WHICH OF THESE MATTERS REQUIRED SIGNIFICANT
AUDITOR’S ATTENTION

MOST SIGNIFICANT
TO THE AUDIT OF THE CURRENT PERIOD
Areas identified as significant risks or those
that involved significant auditor judgment

Areas which the auditor encountered significant


difficulty with respect to obtaining audit
evidences

Circumstances that required significant


modification of the auditor’s planned approach
to the audit
The auditor must use his
professional judgment in
determining the level of detail
and the order of presenting the
key audit
Why the matter was
considered to be most
significant?

How the matter


was address in
the audit?
Title

Addressee

Auditor’s
Opinion
Basis for
Opinion

Key Audit
Matters
Responsibilities
for the FS

Responsibilities of
the Auditor
Other Reporting
Responsibilities

Auditor’s signature

Auditor’s addre

Date

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