121 paragraphs found
Law or regulation may preclude public disclosure by either management or the auditor about a specific matter determined to be a key audit matter. For example, law or regulation may specifically prohibit any public communication that might prejudice an …
As indicated by paragraph 14(b) , it will be extremely rare for a matter determined to be a key audit matter not to be communicated in the auditor’s report. This is because there is presumed to be a public interest benefit in providing greater …
The determination not to communicate a key audit matter takes into account the facts and circumstances related to the matter. Communication with management and those charged with governance helps the auditor understand management’s views about the …
It may also be necessary for the auditor to consider the implications of communicating about a matter determined to be a key audit matter in light of relevant ethical requirements. In addition, the auditor may be required by law or regulation to …
The issues considered by the auditor regarding a decision to not communicate a matter are complex and involve significant auditor judgement. Accordingly, the auditor may consider it appropriate to obtain legal …
The requirement in paragraph 16 applies in three circumstances: The auditor determines in accordance with paragraph 10 that there are no key audit matters (see paragraph A59 ). The auditor determines in accordance with paragraph 14 that a key audit matter …
The following illustrates the presentation in the auditor’s report if the auditor has determined there are no key audit matters to communicate: Key Audit Matters [Except for the matter described in the Basis for Qualified (Adverse) Opinion section or …
The determination of key audit matters involves making a judgement about the relative importance of matters that required significant auditor attention. Therefore, it may be rare that the auditor of a general purpose financial report of a listed entity …
ASA 260 requires the auditor to communicate with those charged with governance on a timely basis. [34] The appropriate timing for communications about key audit matters will vary with the circumstances of the engagement. However, the auditor may …
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 …