Handbooks, Standards, and Pronouncements
Published: Jan 14, 2015
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International Standard on Auditing (ISA) 701 (NEW), Communicating Key Audit Matters in the Independent Auditor's Report
New ISA 701 deals with the auditor’s responsibility to communicate key audit matters (KAM) in the auditor’s report. The ISA applies to audits of complete sets of general purpose financial statements of listed entities. It also applies when the auditor is required by law or regulation to communicate KAM for other entities or when the auditor decides to communicate KAM on a voluntary basis. ISA 701 is effective for audits of financial statements for periods ending on or after December 15, 2016.
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