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Communicating Key Audit Matters in the Auditor’s Report

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Apr 28, 2021

On April 28, 2021, the Auditing and Assurance Standards Board (AASB) released new resources to support the communication of Key Audit Matters (KAM) in the auditor’s report and help auditors work with their clients.

Communicating key audit matters (KAMs) is the biggest change in the auditor’s report we have seen in the last decade. Canada is now in the last phase of its enhanced auditor reporting project.

The AASB released three new pieces of non-authoritative guidance: Lessons Learned, Roadmap, and FAQ.

These resources are particularly important for small and medium-sized firms communicating KAMs for audits of financial statements for periods ending on or after December 15, 2022.

Review the press release and resources on the AASB's website.

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