Our fourth auditor’s report snapshot provides insights and observations on Key Audit Matters from 128 entities in the ASX 200 with 30 June 2017 year ends. Key Audit Matters (KAMs) are those matters that required significant auditor attention in performing the audit, and are communicated in auditor’s reports of listed entities.
With 128 audit reports released, the top 5 Key Audit Matter (KAM) topics are:
Download the full report to read our deep-dive analysis into the ASX 200 top industries at 30 June – Consumer & Retail and Real Estate. Are current market trends in these industries appearing in the KAMs?
Also included is an analysis of other key statistics from the audit reports we viewed, such as, audit report length – gone are the days of the historical 2 page audit report!
Lastly, we check out what the 19 early adopters from our previous snapshots are doing and if this trend will be indicative of the future of KAMs. What is clear is the audit is a dynamic service, linking what goes on at the entity impacts the audit, this unbreakable nexus. Simply, the more going on, necessitates more audit attention.
© 2020 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Liability limited by a scheme approved under Professional Standards Legislation.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.