The objectives of the auditor are to determine key audit matters and, having formed an opinion on the financial report, communicate those matters by describing them in the auditor’s …

For the purposes of this Auditing Standard, the following term has the meaning attributed below: Key audit matters —Those matters that, in the auditor’s professional judgement, were of most significance in the audit of the financial report of the current …

The auditor shall determine, from the matters communicated with those charged with governance, those matters that required significant auditor attention in performing the audit. In making this determination, the auditor shall take into account the …

The auditor shall determine which of the matters determined in accordance with paragraph  9 of this Auditing Standard were of most significance in the audit of the financial report of the current period and therefore are the key audit matters.  …

The auditor shall describe each key audit matter, using an appropriate subheading, in a separate section of the auditor’s report under the heading “Key Audit Matters,” unless the circumstances in paragraphs 14 or 15 of this Auditing Standard apply. The …

Key Audit Matters Not a Substitute for Expressing a Modified Opinion …

The auditor shall not communicate a matter in the Key Audit Matters section of the auditor’s report when the auditor would be required to modify the opinion in accordance with ASA 705 as a result of the matter.  (Ref: Para.  A5 …

Descriptions of Individual Key Audit Matters …

The description of each key audit matter in the Key Audit Matters section of the auditor’s report shall include a reference to the related disclosure(s), if any, in the financial report and shall address: (Ref: Para. A34–A41 ) Why the matter was …