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Key audit matters: unlocking the secrets of the audit

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Mar 13, 2018

On March 13, 2018, the Association of Chartered Certified Accountants (ACCA), a global body for professional accountants, released an article on what a difference a year makes, since the global implementation of the IAASB's changes to auditor reporting standards about a year ago.

In the article, they explain that in one year, they have seen that KAMs can go beyond the initial justification of useful information for investors. There are additional benefits:

  1. KAMs encourage better conversations between the auditor and those charged with governance; this in turn contributes to better governance
  2. KAMs help the auditor to focus on the areas of the audit requiring the most careful judgement; this in turn contributes to higher audit quality
  3. KAMs give preparers incentives to revisit financial reporting and disclosures in areas related to those KAMs; this in turn contributes to higher quality financial reporting. 

Review the full article on the ACCA's website.

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