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Sir is there any major change in the format of audit report back in 2015 i guess , cuz im rejoining acca after long time so could u explain little bit what has changed?
I can guide you to two articles in the technical article section of the P7 home page:
The first and third articles on this link are appropriate
The exam is on Monday, less than 48 hours away, and you’ve just decided to take this action!
Read those two articles
Then read them again
Then read them again
Then read them again
Then read them again
Then read them again
Yikess! Im going through it sir , i already have question regarding key audit matters, KAM i cant understand what it involves basically is it areas of higher focus and risk for auditor? And is it must for all companies in all opinions? Furthermore sir have the number of opinions changed or are they same?
Number of opinions is the same
KAMs definition from IFAC is:
“Key audit matters—Those matters that, in the auditor’s professional judgment, were of most significance in the audit of the financial statements of the current period. Key audit matters are selected from matters communicated with those charged with governance.”
They are a mandatory audit report inclusion for public company audits
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