What are the benefits and difficulties of communicating key audit matters ?

Question added by Frank Mwansa , ACCOUNTING LECTURER , FREELANCER
Date Posted: 2020/06/21

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by Rosalene Pentecostes

Firstly,i think the best benefits is the time management,cooperation with good associate and good work for the best results in audit matters.

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Can you explain the term key audit matters according to IAS 7?
Top Answer: IAS 7 does not prescribe the key audit matters. It is ISA 701 and reads as follows: Key audit matters—T ... See More

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Can you list three examples of key audit matters.?
Top Answer: Key audit matters are selected from matters communicated with those charged with governance. KAM may be r ... See More

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What factors should be considered when determining key audit matters?
Top Answer: The auditor shall communicate the key audit matters determined in accordance to IS A 701. _Significance ... See More

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Can you explain what is included in the description of key audit matters?
Top Answer: 1 Aspects of the auditor 's response or approach that were most relevant to the matter 2. A brief overvi ... See More

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