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Difference between Key audit matter and Emphasis of matter?

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(Querist)
14 October 2021 What is Key Audit Matters(KAM) and Emphasis of matter(EOM)? and which is more important?/
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
14 October 2021 When key audit matters are communicated in the auditor's report, the purpose of an Emphasis of Matter paragraph is to draw users' attention in specific circumstances to other financial statement matters that are not key audit matters in accordance with proposed ISA 701.
Key audit matter is more important.

Key Audit Matters (KAM) are defined as “Those matters that, in the auditor's professional judgment, were of most significance in the audit of the financial statements of the current period.

Emphasis of Matter paragraph – A paragraph included in the auditor's report that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditor's judgment, is of such importance that it is fundamental to users' understanding of the financial statements.
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