Notwithstanding that the auditor’s determination of key audit matters is for the audit of the financial report of the current period and this Auditing Standard does not require the auditor to update key audit matters included in the prior period’s …

Matters that Required Significant Auditor Attention (Ref: Para.  9 ) …

The concept of significant auditor attention recognises that an audit is risk‑based and focuses on identifying and assessing the risks of material misstatement of the financial report, designing and performing audit procedures responsive to those risks, …

Accordingly, matters that pose challenges to the auditor in obtaining sufficient appropriate audit evidence or pose challenges to the auditor in forming an opinion on the financial report may be particularly relevant in the auditor’s determination of key …

Areas of significant auditor attention often relate to areas of complexity and significant management judgement in the financial report, and therefore often involve difficult or complex auditor judgements.  In turn, this often affects the auditor’s …

Various Australian Auditing Standards require specific communications with those charged with governance and others that may relate to areas of significant auditor attention. For example: ASA 260 requires the auditor to communicate significant …

Not all aspects of the business model are relevant to the auditor’s understanding.   Business risks are broader than the risks of material misstatement of the financial report, although business risks include the latter.   The auditor does not have a …

Considerations in Determining Those Matters that Required Significant Auditor Attention (Ref: Para.  9 ) …

The auditor may develop a preliminary view at the planning stage about matters that are likely to be areas of significant auditor attention in the audit and therefore may be key audit matters.  The auditor may communicate this with those charged with …

Paragraph  9 includes specific required considerations in the auditor’s determination of those matters that required significant auditor attention.  These considerations focus on the nature of matters communicated with those charged with governance that …