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KAM and EOM

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

  • This topic has 5 replies, 3 voices, and was last updated 6 years ago by Kim Smith.
Viewing 6 posts - 1 through 6 (of 6 total)
  • Author
    Posts
  • April 17, 2019 at 8:10 pm #513306
    hbwiza21
    Member
    • Topics: 53
    • Replies: 58
    • ☆☆

    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.

    https://www.accaglobal.com/us/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech5.html

    I have read the above link and to me it does not imply that.

    Please advice

    Thanks

    April 18, 2019 at 4:00 pm #513412
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8309
    • ☆☆☆☆☆

    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.

    April 18, 2019 at 7:29 pm #513442
    hbwiza21
    Member
    • Topics: 53
    • Replies: 58
    • ☆☆

    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 ?

    https://www.accaglobal.com/us/en/student/exam-support-resources/professional-exams-study-resources/p7/technical-articles/exam-tech5.html

    I have read the above link and to me it does not imply that EOM applies only to NON LISTED ENTITIES.

    Please advice

    April 23, 2019 at 3:00 pm #513868
    hbwiza21
    Member
    • Topics: 53
    • Replies: 58
    • ☆☆

    Hi. Can I please get some help on above issue?

    April 23, 2019 at 4:09 pm #513882
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10595
    • ☆☆☆☆☆

    It seems to me that what Kim was perfectly clear. She is away until Saturday, so repost then if you need to.

    April 29, 2019 at 7:20 am #514467
    Kim Smith
    Keymaster
    • Topics: 135
    • Replies: 8309
    • ☆☆☆☆☆

    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.

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