Key audit matters
Key audit matters are matters selected from those communicated with those charged with governance that, in the auditor’s professional judgement, were of most significance in the audit of the current-period financial statements. Reporting is governed by applicable requirements and circumstances, including the type of entity.
Worked example
The auditor identifies a complex revenue recognition estimate as a key audit matter and explains why it was significant and how it was addressed.
Common mistake
A key audit matter is not a separate opinion on the matter and does not replace a required modified opinion.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Direct | September 2026–June 2027 |
| ACCA | AAA (INT) | Direct | September 2026–June 2027 |