Critical audit matters: A three-year review
Published on:
Jan 31, 2024
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This report examines how a new auditing standard, AS 3101, addresses a gap in investor information. Historically, investors lacked understanding of complex judgments made during audits. AS 3101 bridges this gap by requiring auditors to disclose "critical audit matters" - key areas involving challenging judgments - in their reports. This enhances transparency, empowers investors with deeper risk insights, and improves overall market efficiency.
