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