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KAM and EOM and OM

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › KAM and EOM and OM

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
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  • July 22, 2017 at 8:28 am #398041
    kylerlu
    Member
    • Topics: 84
    • Replies: 117
    • ☆☆☆

    Hi Sir Mike!

    I understand that KAMs are those in the auditors judgement are significant in the audit of the financial statements in the current period.

    The EOM refers to matters appropriately presented and disclosed withis the FS that in the auditors judgement are fundamental to the users understanding on the FS.

    And then there’s the OM which is other info that is not on FS.

    If KAMs are reported because they are significant in the audit of current year FS then assumably they are also fundamental to users understanding?

    How do I differentiate the two better? And how will do I choose between using one paragraph over the other?

    Thanks!

    Kyle

    July 22, 2017 at 8:38 am #398050
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    If it’s the subject of a KAM, then it will not also be included as either an EOM or an OM

    It IS possible for something to be EOM or OM but that isn’t a significant audit matter in which case the EOM / OM paragraph will be included as a separate matter but NOT as a KAM

    Is that OK?

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  • The topic ‘KAM and EOM and OM’ is closed to new replies.

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