The order of presentation of individual matters within the Key Audit Matters section is a matter of professional judgement.  For example, such information may be organised in order of relative importance, based on the auditor’s judgement, or may …

When comparative financial information is presented, the introductory language of the Key Audit Matters section is tailored to draw attention to the fact that the key audit matters described relate to only the audit of the financial report of the current …

Descriptions of Individual Key Audit Matters (Ref: Para.  13 ) …

The adequacy of the description of a key audit matter is a matter of professional judgement.  The description of a key audit matter is intended to provide a succinct and balanced explanation to enable intended users to understand why the matter was one of …

Original information is any information about the entity that has not otherwise been made publicly available by the entity (e.g., has not been included in the financial report or other information available at the date of the auditor’s report, or …

It is appropriate for the auditor to seek to avoid the description of a key audit matter inappropriately providing original information about the entity.  The description of a key audit matter is not usually of itself original information about the …

Management or those charged with governance may decide to include new or enhanced disclosures in the financial report or elsewhere in the annual report relating to a key audit matter in light of the fact that the matter will be communicated in the …

ASA 720 defines the term annual report and explains that documents such as a management report, management commentary, or operating and financial review or similar reports by those charged with governance (e.g., a directors’ report); a Chairman’s …

Ordinarily, management identifies business risks and develops approaches to address them.   Such a risk assessment process is part of the entity’s system of internal control and is discussed in paragraph 22 , and paragraphs A109–A113 …

Audit documentation prepared during the audit can also be useful to the auditor in formulating the description of a key audit matter.  For example, written communications, or the auditor’s documentation of oral communications, with those charged with …