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key audit matter
adding key audit matter para is a substitute to modified opinion.comment.
Replies (3)
no it's not. it's additional information to be provided in legal and obligations para
Key audit matters are those matter which requires significant attention of reader as per the auditor. they can not replace the necessary disclosures which are to be made (e.g SA570 GC or SA705 modif)
KAM is tool of communication for better transperancy & understanding of AR
e.g.- Impairment can be disclosed here or industry specific insights
while reporting key audit matter it is must to indicate that auditor is not modifying his opinion through key audit matter.
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