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New and revised auditor reporting standards which include a new Standard on Auditing (SA) 701, Communicating Key Audit Matters (KAMs) in the Independent Auditor’s Report, was finalized in July 2021.  SA 701 will be effective for the audits of the financial statements of listed entities beginning on or after 1 January 2022.  The inclusion of KAMs in auditor's report is expected to provide greater transparency about the audit that would be performed and increase in the communicative value of an auditor’s report.

This publication aims to explain the concept of key audit matters that are part of new auditor’s report.