121 paragraphs found
Users of financial reports have expressed an interest in those matters about which the auditor had the most robust dialogue with those charged with governance as part of the two‑way communication required by ASA 260 [7] and have called for additional …
Requiring auditors to communicate key audit matters in the auditor’s report may also enhance communications between the auditor and those charged with governance about those matters, and may increase attention by management and those charged with …
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 …
ASA 700 establishes requirements and provides guidance on forming an opinion on the financial report. [9] Communicating key audit matters is not a substitute for disclosures in the financial report that the applicable financial reporting framework …
When the auditor expresses a qualified or adverse opinion in accordance with ASA 705, presenting the description of a matter giving rise to a modified opinion in the Basis for Qualified (Adverse) Opinion section helps to promote intended users’ …
When the auditor expresses a qualified or adverse opinion, communicating other key audit matters would still be relevant to enhancing intended users’ understanding of the audit, and therefore the requirements to determine key audit matters apply. However, …
ASA 706 [12] establishes mechanisms for auditors of financial reports of all entities to include additional communication in the auditor’s report through the use of Emphasis of Matter paragraphs and Other Matter paragraphs when the auditor considers it …
The auditor’s decision‑making process in determining key audit matters is designed to select a smaller number of matters from the matters communicated with those charged with governance, based on the auditor’s judgement about which matters were of most …
The auditor’s determination of key audit matters is limited to those matters of most significance in the audit of the financial report of the current period, even when the comparative financial report is presented (i.e., even when the auditor’s opinion …
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 …