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Hello Kim
I read KAM is applicable to the audit report of all listed entities but if KAM paragraph is not added simply because it is not needed. Would the Audit report be considered complete?
Thanks & regards
There must still be a section headed “KAMs” under which there would be a statement “We have determined that there are no key audit matters to communicate in our report.”
This would also be appropriate where the only KAMs have already been dealt with elsewhere in the auditor’s report. For example:
“Except for the matter described in the Basis for Qualified Opinion/MURGC section, we have determined that there are no OTHER key audit matters to communicate in our report.”(Note also that the auditor could decide to include KAMs in an auditor’s report for a client that is NOT listed.)
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