From Risk to Reporting: Key Audit Matters

Overview

This course provides a practical overview of CAS 701, Communicating Key Audit Matters in the Independent Auditor’s Report. It focuses on the auditor’s responsibilities for forming an audit opinion and communicating key audit matters in the audit report. Participants will explore how Key Audit Matters are identified, described and presented in the auditor’s report, including the link between significant auditor judgements, areas of higher risk, and matters communicated with those charged with governance.

Using a three-filter approach, practical guidance, and real-life reporting examples, the course highlights common challenges, documentation considerations, and best practices for drafting clear key audit matters for inclusion in auditor reports.

Learning Objectives

By the end of this session, participants will be able to:

• Appreciate the requirements of CAS 701
• Integrate KAM considerations throughout the audit process
• Apply a filter process to determine key audit matters
• Develop appropriate wording for KAM matters included in the audit report
• Document decision-making process
• Identify best practices in addressing and reporting KAM

Verifiable CPD

1.0 hour