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Standard Audit and AssuranceFinancial Reporting Council June 2016International Standard on Auditing (UK) 701 Communicating Key Audit Matters in the Independent Auditors Reportage FRC is responsible

How to fill out communicating key audit matters

How to fill out communicating key audit matters

1. Identify the key audit matters: Review the audit findings and determine the areas that are of most significance for the users of the financial statements.
2. Describe the key audit matters: Clearly explain the nature of each key audit matter and its significance.
3. Provide the reasons: State the reasons why each matter is considered significant and how it impacted the audit.
4. Include appropriate disclosures: Ensure that all necessary disclosures are included in the communication of the key audit matters.
5. Use clear and concise language: Write the communication in a manner that is easily understandable for the users of the financial statements.
6. Review and finalize: Double-check the communication to ensure accuracy and completeness before finalizing it.

Who needs communicating key audit matters?

1. External auditors: Communicating key audit matters is an important part of their role in providing assurance to stakeholders.
2. Regulators: Key audit matters help regulators assess the quality and reliability of the financial statements.
3. Investors and shareholders: They need to understand the areas of the financial statements that require special attention and may impact their decision-making.
4. Financial analysts: Key audit matters provide them with insights into the significant risks and challenges faced by the company.
5. Board of directors: They can use the communication of key audit matters to gain a better understanding of the audit process and the areas of potential risk.

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What is communicating key audit matters?

Communicating key audit matters is a requirement under auditing standards where auditors communicate the most significant matters identified during the audit.

Who is required to file communicating key audit matters?

Auditors of public interest entities are required to file communicating key audit matters.

How to fill out communicating key audit matters?

Auditors should provide a clear description of the key audit matters, the rationale for their inclusion, and the audit procedures performed.

What is the purpose of communicating key audit matters?

The purpose of communicating key audit matters is to enhance the transparency and credibility of audits by providing stakeholders with insight into the audit process.

What information must be reported on communicating key audit matters?

Auditors must report on matters that are of most significance in the audit, including areas of high risk, complex judgments, and significant uncertainties.