You work in a chartered accounting firm and your partner, Sally Smith, has asked you to do some research and write a report to update her about the potential liability that auditors face as a result of the global financial crisis. The issue arose when a neighbour mentioned to Sally at the weekend that a global accounting firm has had a class action lodged against it over the collapse of Lehman Brothers. In your report talk about ASA701 Key Audit Matters and how this has changed the way auditors report.

Using the reference materials available on the internet, research the topic and prepare a report for Sally, fully referenced up to 500 words.