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ASA 701 requires auditors to provide a section in their report addressing the Key Audit Matters (KAM). These are matters that were of most significance
ASA 701 requires auditors to provide a section in their report addressing the "Key Audit Matters" (KAM). These are matters that were of most significance in the audit of the financial report of the current period. Required: (i) os auditors have to provide a separate opinion on these matters? (1Mark) (ii) Are KAMs required in all unqualified and qualified audit reports? (1 Mark) (iii) How should the auditor determine the KAM? (6Marks) (iv) Is there any potential for KAMs to be misused? (2Marks)
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