84 paragraphs found
Communicating key audit matters in the auditor’s report is in the context of the auditor having formed an opinion on the financial report as a whole. Communicating key audit matters in the auditor’s report is not: A substitute for disclosures in the …
Describing aspects of the auditor’s response or approach to a matter, in particular when the audit approach required significant tailoring to the facts and circumstances of the entity, may assist intended users in understanding unusual circumstances and …
As noted in paragraph A46 , the auditor may also provide an indication of the outcome of the auditor’s response in the description of the key audit matter in the auditor’s report. However, if this is done, care is needed to avoid the auditor giving the …
Relating a matter directly to the specific circumstances of the entity may also help to minimise the potential that such descriptions become overly standardised and less useful over time. For example, certain matters may be determined as key audit …
Communication with those charged with governance enables them to be made aware of the key audit matters that the auditor intends to communicate in the auditor’s report, and provides them with an opportunity to obtain further clarification where …
ASA 320 [8] explains that it is reasonable for the auditor to assume that users of the financial report: Have a reasonable knowledge of business and economic activities and accounting and a willingness to study the information in the financial report …
Key audit matters are not required to be communicated in auditor’s reports on condensed financial reports prepared in accordance with AASB 134 Interim Financial Reporting …
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 …
Placing the separate Key Audit Matters section in close proximity to the auditor’s opinion may give prominence to such information and acknowledge the perceived value of engagement‑specific information to intended …
Significant economic, accounting, regulatory, industry, or other developments that affected management’s assumptions or judgements may also affect the auditor’s overall approach to the audit and result in a matter requiring significant auditor …