K.A.M Auditors Report

KAM = significant issue significant issue you could think like..its very significant issue..arghhh ..the auditor thinks that the issue is so headache EOM= fundamental issue fundamental means, the issue is needed to be understand first before another issue extra notes EOM can be placed after basis of opinion, before KAM, or after KAM Other matters paragraph involved in telling the reader that: the report was audited by ex auditor the opening balance was not audited (maybe they dont need have auditing before) KAM cannot be replaced by EOM, nor OM KAM does not modify the reports, nor opinions EOM modifies report, but not opinions thats my 2 cents though Mr Mike help me scan my content, knock my heads off if there is mistake

Thanks a million , much appreciated

KAM is the auditor reporting to the world those matters that the auditor found particularly worthy of great attention in the course of the audit EOMs are paragraphs that refer to (or repeat) matters that the client has already included and explained and properly presented within the financial statements OMs are paragraphs that refer to (or repeat) matters that the client has already included NOT within the financial statements for example within the Chair's report but with which the auditor disagrees or where the matter is inconsistent with something that IS included within the financial statements

Thanks a million Mike

You're welcome

Hi there, Ive read the examiners article on the new audit report and Im confused on the issue of going concern. Can going concern be mentioned in the new auditors report in 1) 'Material uncertainty related to going concern' and/or 2) KAM Paragraph and/or 3) EOM Paragraph Thank you

1) ‘Material uncertainty related to going concern’ Yes 2) KAM Paragraph Yes, if it's not the subject of a ‘Material uncertainty related to going concern’ So, if it's a close call, then it would be a KAM 3) EOM Paragraph No