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In the notes, it specifies that ONLY listed entities include a KAM paragraph. I read somewhere (not in the notes) that the EOM paragraph would now only apply to non listed entities , as with listed entities the KAM section takes precedence over EOM.
I have read the above link and to me it does not imply that.
What you say about Eom applying only to listed companies is wrong and is not what is said nor I believe implied by OT notes.
Not EOM para. The KAM para.
To clarify :
I understand that the KAM para only applies to listed entities.
(Page 113 in the notes “The first thing to note is that the auditor only reports on key audit matters (“KAMs”) in respect of listed entities.” )
However, I read somewhere (not in the notes) that the EOM paragraph applies only to NON LISTED ENTITIES , as with LISTED ENTITIES the KAM para takes precedence over EOM para – is this right or do listed entities use an EOM when applicable ?
I have read the above link and to me it does not imply that EOM applies only to NON LISTED ENTITIES.
Hi. Can I please get some help on above issue?
It seems to me that what Kim was perfectly clear. She is away until Saturday, so repost then if you need to.
My apologies – my initial response should have said “What you say about Eom applying only to NON-listed companies is wrong”.
KAMs and EoMs are completely different things. A typical example of an EoM would be to draw attention to a non-adjusting event that is adequately disclosed in the financial statements. Clearly this could apply to any company.