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This Report by the Chartered Accountants Australia and New Zealand discusses the opportunities and challenges of the introduction of Key Audit Matters (KAM). In an increasingly complex and connected business world, investors are demanding more evidence they can trust those managing their investments. These demands extend to all participants in the financial reporting chain. Directors are being challenged to explain complex affairs more clearly. Auditors are being challenged to explain their work and focus.
Since auditing began, consistency in how auditors report to stakeholders has been a prominent feature. Audit is complex, technical work and consistency in explaining the role and results of the audit work has taken prevalence. The increasing demands for transparency of process, to help justify trust, has led to the introduction for the first time of unique commentary in the audit report to stakeholders. This is a major change to market communication. In this paper, key messages and insights are highlighted to demonstrate why this matters.
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