Australian Government
Auditing and Assurance Standards Board
Tuesday, June 20, 2023
At the time ASA 701 Communicating Key Audit Matters in the Independent Auditor’s Report was issued, the AUASB committed to reconsider its scope as part of its post implementation review. In December 2022 the AUASB issued Discussion Paper – Expanding Key Audit Matters beyond listed entities requesting feedback on this matter. The AUASB considered the feedback received and agreed not to extend the communication of KAMs at this time. The AUASB have issued a Feedback Statement which summarises the feedback received and the AUASB’s conclusion on this matter.