April 2022
Intermediate to advanced
1056 pages
34h 59m
English
Content preview from Wiley Practitioner's Guide to GAAS 2022
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31AU-C 701 Communicating Key Audit Matters in the Independent Auditor's Report
SCOPE
AU-C 701 addresses the auditor's responsibility to communicate key audit matters (KAMs) in the auditor's report when the auditor is engaged to do so. It provides guidance on what and how to communicate KAMs in the auditor's report when the auditor has been engaged to do so. It does not require the communication of KAMs. (AU-C 701.01)
The goal of communicating KAMs is to provide users with greater transparency about the audit, the entity, the audited financial statements, or the audit that was performed. (AU-C 701.02) KAMs can help users understand the entity and areas where management has exercised significant judgment. (AU-C 701.A2) Frequently reported KAMs include items related to goodwill, acquired intangibles, development costs, impairment, valuation of financial instruments, revenue recognition, business combinations, and income taxes. Note that KAMs are specific to a company.
Communicating KAMs is not a separate opinion on individual matters and is not a substitute ...
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