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Outline the rationale behind the inclusion of KAMs in the auditors report. Discuss the key requirements of the auditing standard ISA 701 with respect to

Outline the rationale behind the inclusion of KAMs in the auditors report. Discuss the key requirements of the auditing standard ISA 701 with respect to the presentation of KAMs. Outline and discuss the key benefits and challenges of including KAMs in the auditors report. Select two entities which are listed on the Australian Securities Exchange (ASX) and examine the key audit matters reported in the auditors report for two consecutive periods. Discuss the KAMs reported by each entity and the changes in the KAMs over the two years.

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